The royal household has released its annual accounts, and with them King Charles has become the first monarch in history to publish his tax bill, according to the report. The move is presented as a step towards greater openness about royal money, putting figures into the public domain that previous monarchs had kept private and inviting closer scrutiny of how the institution is funded and what it pays back.
The headline figures concern what the senior royals personally handed over. According to the report, for 2024-25 the king paid 12.9 million pounds in tax, while Prince William, who had previously decided not to divulge his own tax bill, paid 7.76 million pounds, with both sums described as voluntary because, unlike ordinary taxpayers, neither of them is actually required to pay.
Beyond the personal tax, the accounts set out the cost of running the monarchy. According to the report, total spending by the royal household over the year reached 132.1 million pounds, of which 60 million pounds went on the restoration of Buckingham Palace, a sum that stands out given the scale of the works and the building's central place in the institution.
There is a notable twist attached to that palace spending. According to the report, the king has confirmed that he will never move into Buckingham Palace, meaning the tens of millions being spent on its restoration are going into a residence the monarch himself does not intend to live in, a detail likely to draw attention as the figures are debated.
Travel made up another visible chunk of the bill. According to the report, the total working royal travel bill came to 3.3 million pounds, including 130,000 pounds for Prince William's visit to Saudi Arabia and tens of thousands of pounds spent on individual journeys taken on the soon to be decommissioned royal train, while the king and queen together carried out 708 public engagements over the year.
For all the new disclosure, an independent expert cautioned that the picture is far from complete. According to the report, a forensic accountant who examined the books said there is genuine transparency on display but also a great deal that remains secret, pointing to hints of a large investment portfolio and arguing that the overall wealth of the king and the royal family is still largely unknown.