King Charles sparks outrage over revelation of historic tax payments
However, Lownie wondered what information would remain secret once the numbers are released.
He said: “Yes, we are given a figure for Charles’ total tax payment for the 2024-2025 financial year, but not how that amount is calculated. How much is income tax, and how much is capital gains tax? We are not told. What costs have been deducted to arrive at that figure? The silence covers that question and much more.”
A source familiar with the discussions surrounding the financial disclosure said the announcement was intended to show that the monarchy was responding to rising public expectations.
The insider added: “The publication of the King’s personal tax payment is intended to demonstrate a willingness to modernise, but it is recognized that it will also raise new questions about how the royal finances function and what remains out of public view.”
Charles receives income from the Duchy of Lancaster, a portfolio of land, commercial properties and investments that raised $36.2 million last year.
He pays the highest rate of income tax, after deducting official expenses, and also pays capital gains tax on the sale of private assets he has acquired since becoming monarch in September 2022.
The Duchy of Lancaster, together with the Duchy of Cornwall, remains exempt from corporation tax, a long-standing arrangement that has attracted increasing political and public attention.
