King Charles reveals £12.9m tax bill for 2024-25

The accounts show the monarch paid £11.7m in tax for 2023-24, while Prince William paid £8.34m for the same period.

The release of how much tax the King and Prince William voluntarily pay is a personal decision taken by both men, according to information from their office.

Buckingham Palace said the move would increase transparency and aim to “encourage a wider understanding of our accountability”.

The combined tax bill for father and son has topped £50m for HM Revenue and Customs since the monarch became king and William, Prince of Wales.

The new figures do not detail how the tax is calculated.

The King receives an annual income from the Duchy of Lancaster Estate, which was established to provide the King with an independent source of funds for official and personal expenses.

It is a portfolio of land, investments and properties. It will provide the King with an annual income of £25.2m by 2025-26.

Other sources of income, subject to tax, include the King’s own investments and savings, along with funds from his private estates, Balmoral and Sandringham.

Prince William initially did not release his tax returns when he became heir to the throne – but in line with his father, he has now disclosed his income and capital gains tax payments.

Prince William receives income from the Duchy of Cornwall – a multi-billion pound 130,000 acre hereditary estate that also includes the Oval cricket ground in London – to support official duties, his office and his private family life.

Prince William’s private secretary, Ian Patrick, said: “Prince William will pay a substantial amount of income tax on any net profits after those expenses have been met.

“The Prince understands the interest in these arrangements and the importance of proper transparency.”

The tax payable for 2025-2026 is still being audited and will be made public next year.

Details of the King and Prince William’s income or personal investments have not been disclosed.

Prince William has announced that he will not personally benefit from the £1.5m annual rent generated by the abandoned Dartmoor prison.

He asked for the money to be removed from the Duchy of Cornwall’s income to support the local community, particularly the rural community of Princetown, which is close to the prison.

Dartmoor has been vacant since 2024 due to high levels of the toxic gas, radon, found in the building.

The publication of the royal annual accounts also reveals the following: