Azernews.Az

King Charles will become the first British monarch in modern times to publicly disclose his personal tax payments, with the figures to be published on Thursday as a new element of the annual royal financial accounts in what Buckingham Palace has described as a personal decision by the King, AzerNEWS reports.

The disclosure will cover the 2024-25 tax year and will include tax paid on profits from the Duchy of Lancaster — which generated around £24 million last year — as well as on personal investments and income from private estates including Sandringham and Balmoral. Though monarchs are not legally obliged to pay income tax, inheritance tax on assets received from a predecessor, or capital gains tax, Charles voluntarily pays both income tax and capital gains tax on any sale of private assets, a practice he also followed as Prince of Wales.

A Buckingham Palace stated the move was part of a continuing commitment to modernization, confirming the King's tax payments would be published annually going forward. The Palace said the aim was to "encourage wider understanding of our accountability" and "explain all elements of royal finances in a way that further enhances clarity and accessibility."

Thursday's publication will also include details of the Sovereign Grant, the annual public funding that covers staff costs, building upkeep and travel for official engagements. The grant has risen to a record £137.9 million, with a temporary increase allocated to fund renovations at Buckingham Palace. Having never fallen since its introduction in 2012, the grant is expected to be reduced for the first time following an ongoing review by the Treasury, Downing Street and the Royal Household, with Parliament set to have an opportunity to debate the changes when relevant legislation comes before it. The Public Accounts Committee has also announced an inquiry into royal property and leases from the Crown Estate, adding a further layer of parliamentary scrutiny to the broader picture of royal finances.