King Charles III discloses tax payments and plans to leave Buckingham Palace
The king revealed he paid £12.9 million in taxes for 2024-25 and announced that he and Queen Camilla will reside at Clarence House after a decade-long refurbishment of Buckingham Palace is completed.
King Charles III disclosed that he paid £12.9 million in income and capital-gains taxes for the 2024-25 fiscal year, an increase from £11.7 million the previous year. The disclosure, made during a briefing on royal finances, marks the first time a reigning British monarch has released personal tax details since ascending the throne.
At the same briefing, senior royal official James Chalmers said the monarch and Queen Camilla will continue to work from Buckingham Palace but will live at nearby Clarence House once a ten-year, £369 million refurbishment program is finished. The renovation, which began in 2017 to update plumbing, wiring and heating, is slated for completion next year and is intended to increase public access and allow more events and tours.
Prince William also released his tax figures, reporting £7.76 million in taxes for the same period. Constitutional law expert Craig Prescott noted that the disclosures underscore the monarchy’s public-institution status and aim to enhance transparency.
The palace, which hosts state functions and attracts about 700,000 visitors annually, will remain the “ceremonial and operational centre” of the monarchy, according to Chalmers.