<p>According to Buckingham Palace, the King voluntarily paid more than <strong>£30 million</strong> in income tax, capital gains tax and inheritance tax over nearly three financial years. For the 2024–25 financial year alone, he paid <strong>£12.9 million</strong>, an increase from <strong>£11.7 million</strong> the previous year.</p><p>The taxes relate to the King's <strong>private income</strong>, including earnings from the Duchy of Lancaster, personal investments and privately owned estates such as Balmoral Castle and Sandringham House. They do not include the Sovereign Grant, the taxpayer-funded allocation that supports the monarchy's official duties and operations.</p><p>Royal officials said the disclosure was made at the King's request as part of efforts to modernise the monarchy and encourage greater openness regarding royal finances. While British monarchs are exempt from certain taxes by law, they have voluntarily paid income tax on private earnings under long-standing arrangements with the government.</p><p>The announcement came alongside the publication of the Royal Household's annual financial accounts, which also revealed that public funding for the monarchy will increase in the coming years to support the final phase of Buckingham Palace's extensive refurbishment programme. Palace officials confirmed that, despite the renovation works nearing completion, King Charles and Queen Camilla will continue to reside at Clarence House rather than move permanently into Buckingham Palace.</p><p>The move has been widely described as a landmark moment in the history of the British monarchy. Supporters say it demonstrates the King's commitment to transparency and accountability, while some critics argue that additional details about the Royal Family's wealth and finances should also be made public.</p><p>The disclosure marks one of the most significant reforms to royal financial reporting in modern British history and is expected to shape future discussions on transparency within the monarchy.</p><p>Photo credit: rbc</p>