Last week, Buckingham Palace announced that King Charles and the Prince of Wales would finally release their income tax returns. When Charles was PoW, he released more information about his taxes – from the Duchy of Cornwall income – but Prince William changed that in 2023. It took three-plus years, but now Charles feels like there should be more financial transparency with the Crown, so he released information about his income taxes from 2023-26. The king’s “income” mostly comes via the vast Duchy of Lancaster, which is probably worth well over $1 billion in real estate and investments.

King Charles is opening the books on his personal finances in a way no British monarch has before. Buckingham Palace announced that the King has paid more than $41 million (£30 million) in personal taxes since ascending the throne in 2022, marking the first time a reigning monarch has made the amount public.

The disclosure, released alongside the Royal Household’s annual financial report, offers an unprecedented glimpse into the King’s private finances as Buckingham Palace seeks to provide greater transparency around royal finances.

The more than $41 million figure represents taxes paid over nearly three tax years—not a single year. Buckingham Palace said Charles paid about $16 million (£11.7 million) in 2023-24 and about $17.7 million (£12.9 million) in 2024-25, in addition to taxes paid during the months immediately following his accession after Queen Elizabeth’s death in 2022.

Although Britain’s sovereign is exempt from paying income tax under law, Charles voluntarily pays income tax, capital gains tax and inheritance tax under an agreement with the government. He has also voluntarily paid taxes for decades, beginning during his time as Prince of Wales in the early 1990s after public debate over royal finances.

[From People]

$41 million in three years… and he’s paying inheritance tax?? No, he’s not. While I’m no tax expert, the numbers suggest that Charles is basically paying taxes on the Duchy of Lancaster’s investment “income” alone. Something I’ve always wondered about the Windsors and taxes is whether they declare their charitable giving and their charity-patronage work as well – it would be negligible in William’s case, but Charles is patron of so many charities and he has his own charitable trusts and foundations.

Meanwhile, alongside his tax information, Charles’ people slid in the confirmation to something we’ve known for years: Charles and Camilla will never move into Buckingham Palace. BP’s decade-long renovation will be completed next year, and Charles won’t move in.

King Charles and Queen Camilla won’t move into Buckingham Palace after a multi-million dollar, decade-long renovation is complete, the palace has confirmed. The update came on June 25 with the release of the annual Sovereign Grant Report, which outlines how taxpayer funding supports the royal family’s official duties and the upkeep of the occupied royal palaces during the 2025–2026 financial year.

Among the report’s notable revelations was confirmation that the King, 77, and Queen, 78, will not take up residence at Buckingham Palace after the Buckingham Palace Reservicing Programme concludes in 2027.

“It will be a buzzing hive of royal activity in every other way,” a palace spokesperson said. “His Majesty retains huge affection for Buckingham Palace and a deep respect for its role in royal and public life,” the palace said of the King’s feelings toward the royal family’s best-known London residence. “It will remain a working home but we are seeking to widen public access precisely to maximise the national benefit of a publicly-funded building.”

A statement elaborated that King Charles and Queen Camilla’s decision not to make Buckingham Palace a personal home reflects their wishes that the iconic royal residence “remains the ceremonial center of Royal life, the primary workplace of the Royal Household and a national heritage asset with increased opportunities for public access.”

It was previously determined in March that the 2026-27 Sovereign Grant would be set at $182 million to deliver funding for the last year of the Buckingham Palace Reserving Program, in a sum that will be reduced in the future.

[From People]

I’ve already seen republicans complaining about the waste of time, money and energy to renovate and update this crumbling palace. One criticism is: why didn’t they just decide to turn BP into a museum? The thing is, I’m pretty sure that’s Charles’ plan. He still wants to keep his offices there and some entertaining spaces, but Charles actually believes in opening up a lot of these royal properties to visitors and tourists. That being said, it was still a huge waste of money and effort. William has already said that his family won’t live in BP either.

Photos courtesy of Avalon Red, Cover Images.