King to become first British monarch to share personal tax information

The King is to become the first UK monarch to reveal how much he has paid in tax.

The total amount he paid during the 2024/25 financial year will be published later this week, as part of the royal family's annual finance report, it has been announced.

A Buckingham Palace spokesperson said the decision had been made to help "encourage wider understanding of our accountability" and is part of efforts to increase "transparency".

They added: "While this is the first time a monarch has shared this personal tax information, you may recall it was similarly released by His Majesty when he was Prince of Wales.

"The decision to do so as sovereign has come at the express wish of the King himself, as part of the adaptations carried across since accession."

The move by the King, who has spent recent days attending Royal Ascot, is in contrast to the current Prince of Wales, who has not disclosed his taxes since becoming heir to the throne.

The King's private sources of income could include money from investments or trading profits, funds generated by his private estates of Balmoral and Sandringham, and private savings.

The Duchy of Lancaster estate, a private portfolio of land, investments and office, retail and industrial properties, also provide the King with an annual income, which in 2024/25 stood at £26.8m.

He voluntarily pays income tax on all his private income, and capital gains tax on relevant elements of his assets, under the terms of a 2023 memo agreed by the Government.

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The tax figure will be published alongside reports on royal finances and the Sovereign Grant, which rose from £86.3m in 2024/25 to £132m in 2025/26.

Sky News understands that from now on, the monarch intends to release his tax details annually.

His figure for the 2025/26 financial year is expected to be released next year when another audit has been completed.

The Buckingham Palace spokesperson said: "In order constantly to improve, and to encourage wider understanding of our accountability, the royal household has been considering options to enhance this transparency still further - and can today announce additional measures in keeping with our public service priorities.

"To put it simply: we continue to modernise and evolve.

"Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility, while also placing it in its historical and constitutional context."

(c) Sky News 2026: King to become first British monarch to share personal tax information