THIS is a royal reveal we definitely didn’t see coming!
For the first time ever, Buckingham Palace has just made public exactly how much King Charles has paid personal taxes since becoming monarch, giving the public a rare glimpse behind the palace walls and into the king’s private finances. And the number is enough to make anyone do a double take!
Related: Charles goes to great lengths to let grandchildren travel with Harry and Meghan to visit Britain!
According to Buckingham Palace’s recently released annual financial report, as stated in People and others, King Charles paid more than $41 million (about £30 million) in personal taxes on Thursday evening since he came to the throne after Queen Elizabeth II‘s death in 2022. That’s a lot of money – but more importantly, that’s the First occasion that a reigning British monarch has EVER publicly announced the total amount of personal taxes.
Serious!
Before anyone assumes they paid that in one year, that total actually covers almost three tax years. According to the report, Charles paid approximately $16 million during the 2023-2024 tax year and another estimated $17.7 million in 2024-25, in addition to taxes he paid during the early months of his reign in 2022 after initially taking the throne. Still, it’s a lot!
And what’s especially interesting is that the British monarch is actually not required pay income tax according to the law. Instead, Charles does so voluntarily under an agreement with the government to pay income tax, capital gains tax and inheritance tax on qualifying personal income. It’s not a new habit for him either. He began paying taxes voluntarily decades ago when he was Prince of Wales, following previous public discussions about the royal finances.
The taxes only apply to Charles’ private sources of income, FYI. That includes income related to the Duchy of Lancasterinvestment income and other personal income. And they do NOT include the Sovereign subsidythat is taxpayer-funded money used to support official royal duties and maintain occupied royal residences.
The financial report wasn’t just about taxes either. It also marked another busy year for the royal family. King Charles and Queen Camille reportedly carried out 708 official assignments (almost two a day!!), while working members of the family collectively completed 2,273 assignments in Britain and abroad. Nearly 97,000 guests also attended hundreds of events hosted in royal palaces throughout the year.
Not bad!
The report also shows that the Sovereign Grant will increase again next year as work continues on the major renovation of Buckingham Palace. Once that long-term project is complete, Charles and Camilla reportedly have no plans to move into the palace as their private residence. Instead, they continue to live Clarence House While Buckingham Palace remains the ceremonial headquarters of the monarchy, its main workplace and a landmark for visitors, according to the report.
Related: Why William Is A MUCH Bigger Problem To King Charles Than Harry Ever Was!
But then again, it’s all about taxes, baby! That’s because of the timing of this financial disclosure comes next years of the growing curiosity of the public about royal wealth, government financing and property arrangements involving members of the family.
By releasing these figures, Buckingham Palace appears to be taking another step towards openness by giving the public a clearer picture of how the monarchy’s finances are functioning.
Or this level of financial openness the new normal remains to be seenNaturally. But we definitely don’t hate the attempt to be transparent, you know?!
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(Image via MEGA/WENN)
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