Charles III, photo: Getty Images
Britain’s King Charles III will become the first British monarch in recent history to release the sum of his income and tax data.
Source: BBC with reference to sources in Buckingham Palace
Details: The publication notes that information about his tax accounts will be made public on Thursday as a new element of the royal family’s annual financial statements. According to BBC sources, this decision was taken by the king personally.
Advertising:
Buckingham Palace says the move is part of a modernization program aimed at ensuring greater transparency and “fostering a wider understanding of our accountability”.
It is also a response to calls for greater openness about the royal finances after scandalsrelated to Andrew Mountbatten-Windsor.
The move will make public the king’s tax payments for the previous financial year – 2024-2025 – and will include taxes on his income, including income from the Duchy of Lancaster, any personal investments and income from the king’s private estates such as Sandringham and Balmoral.
A Buckingham Palace spokesman said it was part of a wider initiative to be more open to the public.
“Simply put, we continue to modernize and develop,” he said, confirming a commitment to annually publish information about the king’s taxes.
As Prince of Wales, Charles also made public the amount of tax he paid.
The BBC adds that monarchs do not have to pay income tax, inheritance tax from a previous monarch or capital gains tax – but the king voluntarily pays income tax and capital gains tax on any sale of private assets.
And the total amount of tax paid will be made public for the first time – including the Duchy of Lancaster’s income tax, which last year was around £24m.
This property business, which includes estates in the north of England and properties in central London, provides a large part of the monarch’s personal income.
Against the background of the scandals surrounding Andrew Mountbatten-Windsor, it was the Members of Parliament who were among those who demanded greater openness about the financial transactions of members of the royal family.
A more detailed review of the royal finances is due to appear in a financial report to be published next week.
“Our aim is to explain all aspects of the royal finances in a way that further increases their transparency and accessibility,” a Palace spokesman said.
