King Charles reveals that he has paid 12.9 million pounds in taxes for 2024-2025, becoming the first monarch to publicly disclose his tax return.

King Charles has revealed that he paid a tax of £12.9 million for the fiscal year 2024-2025, thus becoming the first monarch to publicly disclose his tax declaration.

The Prince of Wales also paid £7.76 million. This transparency has been described by Buckingham Palace as a way to encourage a broader understanding of royal responsibility. In addition, King Charles and Queen Camilla will not reside at Buckingham Palace after the completion of the costly renovations, choosing to remain at Clarence House. The renovation, estimated at £369 million, will include the replacement of old facilities and will allow for greater public access. The Sovereign Grant, the main source of funding for the Royal Household, will increase to nearly £100 million for 2027-2028.

This decision not to reside at Buckingham is motivated by the desire to facilitate visitor access and to reduce security concerns. The King will continue to host official events at the palace, which remains an important symbol of the British monarchy.