King Charles has said that he paid £12.9 million – approximately €14.9 million – in tax for the 2024-25 financial year, in a landmark move towards greater transparency over royal finances.

According to the Palace’s annual report, Prince William paid £7.76 million – approximately €8.9 million – in tax over the same period. Buckingham Palace said the disclosure was intended to strengthen accountability and improve public understanding of the financial obligations of the monarchy.

The publication of the tax payments made by the King and his heir is a personal decision, according to their respective offices, and has been presented as part of a broader effort to make royal finances more transparent.

For the 2023-24 financial year, King Charles paid £11.7 million – approximately €13.5 million – in tax, while Prince William paid £8.34 million – approximately €9.6 million.

Since 2022, when they assumed their current roles following the death of Queen Elizabeth II, their combined tax payments have exceeded £50 million – more than €57 million.

King Charles receives income from the Duchy of Lancaster, a large portfolio of land, property and investments. Its annual income is estimated at around £25.2 million – approximately €29.5 million.

Prince William is funded by the Duchy of Cornwall, the hereditary estate that supports his official duties, his household and his private life.

The Palace said the information was released in the interests of transparency and to offer a clearer picture of the royal family’s financial responsibilities.

At the same time, the Sovereign Grant – the public funding mechanism that supports the monarch’s official duties – is expected to rise to around £100 million, approximately €117 million, for the 2027-28 financial year.

King Charles and Queen Camilla will continue to live at Clarence House and will not move into Buckingham Palace.

No further details have been provided on how the tax figures were calculated or on the royal family’s private investments.