King Charles III is set to become the first British monarch to publicly disclose his personal tax return, a move aimed at increasing transparency around royal finances. The announcement, made by Buckingham Palace, signals a shift in the handling of royal financial disclosures and follows a similar practice Charles adopted during his tenure as Prince of Wales.

The palace emphasized that the decision to publish the King's personal tax information for the 2024/25 fiscal year reflects his explicit wish and is part of broader changes implemented since his accession. Alongside the tax details, the palace will also release information about the Sovereign Grant—funding allocated for official royal duties—as well as a comprehensive report on the royal household’s finances. Details of Charles’s tax affairs for 2025/26 will be made public next year.

Charles’s private income sources are understood to include earnings from investments, trading profits, private estates such as Balmoral and Sandringham, and savings. In addition, the Duchy of Lancaster—a private portfolio consisting of land, investments, and commercial properties—provides him with an annual income. The estate generated £26.8 million in 2024/25, historically referred to as the Privy Purse. This income is intended to provide the monarch with financial independence and supports both official and private expenses, including those of other members of the royal family.

Under the terms of the 2023 Memorandum of Understanding on Royal Taxation, agreed with the UK government, Charles voluntarily pays income tax on his private earnings as well as capital gains tax on applicable assets.

In contrast, Prince William, the King’s eldest son and heir apparent, has not made his tax details public since inheriting the Duchy of Cornwall, a substantial hereditary estate valued at around a billion pounds. The estate includes notable assets such as The Oval cricket ground and Dartmoor Prison. Last financial year, William received approximately £23 million from the duchy, on which he voluntarily pays the highest rate of income tax after official costs. However, the exact tax amount remains undisclosed. Recent reports indicate that William plans to invest £500 million generated from selling parts of the duchy estate and other transactions with the objective of producing a “positive impact on the world.”

Meanwhile, Prince Harry is reportedly expected to return to the UK next month with his wife, Meghan, and their two children, Archie, seven, and Lilibet, five. It has been reported that Harry has been offered the use of a royal residence during the visit. An arrangement is understood to be in place allowing King Charles, 77, to spend time with his grandchildren during their stay.