King Charles suspended after revealing his $40 million tax returns
King Charles has been put on the list after taking the unprecedented step of revealing he has paid the equivalent of more than $40 million in personal taxes since becoming monarch – a bombshell move hailed by aides as a milestone in royal transparency but dismissed by critics as a publicity stunt.
RadarOnline.com If he can unveil the king’s decision, confirmed in recently published royal accounts, he will become the first British sovereign to make public the size of his income tax and capital gains tax payments for the period since he took the throne in 2022.
Bypassing decades of royal secrecy, Charles has personally requested the figures be included in the latest annual financial reports, showing he voluntarily handed over tens of millions of dollars to tax authorities at a time of ongoing scrutiny into the monarchy’s wealth, financing and relevance.
According to Buckingham Palace, Charles paid around $15 million in taxes during the 2023/’24 financial year and another around $16.5 million in 2024/’25. Officials say the audited total for 2025/’26 will take its total contribution above the equivalent of $38 million.
Palace insiders said the king has personally pushed for publication of his combined income and capital gains tax bill, in what is framed as part of a broader effort to drag the royal finances into the modern era.
A senior palace source said: “The king knew this would be controversial, but he believes meaningful transparency requires hard numbers, not vague guarantees.”
The insider added: “He is well aware of the criticism of royal privilege, but he still wanted to demonstrate that he is contributing what he considers his fair share.”
Charles’ move follows a parallel move by Prince William, 44, who has also revealed details of his voluntary tax payments on income generated by the Duchy of Cornwall since becoming heir to the throne.
The accounts show William paid about $10.6 million in taxes in 2023/’24 and about $9.9 million in 2024/’25. Another payment is expected once the latest figures are known.
Last year he received a private income of about $27.5 million from the Duchy, which funds his official and private activities as Prince of Wales.
William’s private secretary, Ian Patrick, confirmed the rationale behind the revelations.
He said: “The Prince recognizes the interest in these arrangements and the importance of appropriate transparency.”
Advisers said William plans to modernize the duchy over the next decade by selling around 20 percent of his land holdings and reinvesting the proceeds in sustainable projects and community housing, although detailed spending plans have not been published.
The royal accounts also shed light on the complex financial relationship between father and son.
They reveal that Charles paid around $640,000 in rent to William last year to rent Highgrove House in Gloucestershire, which the king occupies through an agreement with the Duchy of Cornwall.
At the same time, the Duchy has faced criticism over Dartmoor Prison, a Ministry of Justice site that generates around $1.9 million a year in rent, despite being closed since July 2024 due to high radon levels.
Palace officials say William has requested that the revenue be redirected to regeneration projects for the local community.
The latest Sovereign Grant report details the extent of the royal activities underlying these public funds.
Charles and Queen Camilla, 76, completed 708 engagements between them, while other members of the royal family completed another 1,565 engagements in the US and abroad.
Royal residences hosted 827 events attended by around 97,000 guests, with aides arguing that expanded public access to palaces helps justify continued taxpayer support.
Privately, Charles continues to receive income from the Duchy of Lancaster, which generated around $32 million in the most recent financial year, along with returns from personal investments and the private Sandringham and Balmoral estates.
He voluntarily pays income tax and capital gains tax on that income, with the exception of the Duchy itself.
The Sovereign Grant, which funds his official duties and the running of the Royal Household, rose to around $166 million, largely to support the ongoing renovation of Buckingham Palace.
James Chalmers, the Keeper of the Privy Purse, said the increase is temporary and the subsidy will drop to about $126 million and remain at that level for the next five years.
He stated: “His Majesty is guided by a single purpose: to serve with steadfastness, dedication and unwavering determination.”
The activists are still not convinced.
Graham Smith, chief executive of anti-monarchy group Republic, has described the Sovereign Grant as “bloated” and argued that the major tax revelations do little to address what he sees as structural privilege.
Tax experts have also wondered how far the new openness really extends.
Dan Neidle, founder of Tax Policy Associates, said: “The reality is that the King is completely different from any other taxpayer, and the line between personal assets and Crown assets is very shaky.”
