King Charles will make history as the first head of state to release the details of his personal tax bill.
The monarch will publish the statements as the Royal Family seeks to increase “clarity and accessibility” around finances.
“While this is the first time a monarch has shared this personal tax information, you may recall it was similarly released by His Majesty when he was prince of Wales,” a Buckingham Palace spokesperson said.
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“The decision to do so as sovereign has come at the express wish of the King himself, as part of the adaptations carried across since accession.”
The details of his 2025-26 tax year will be released once an audit is completed, but last year’s will be published in the coming days, alongside other reports on royal finances.
The King’s income channels could include investments, trading profits, funds generated by his property portfolio, and private savings accounts.
Charles pays tax on all his private income, and capital gains tax on relevant elements of his assets, as laid out in the Memorandum of Understanding on Royal Taxation 2023, agreed by the government.
Prince William has not disclosed his tax payments since becoming the Prince of Wales and heir to the throne.
He receives an income from the Duchy of Cornwall, a billion-pound estate featuring The Oval cricket ground and Dartmoor Prison, providing him with funds independent of the monarch.
The prince received nearly £23 million ($A43 million) last financial year from the Duchy and voluntarily pays the highest rate of income tax, once official costs have been deducted, but the amount he pays in tax remains unknown.
Accounts detailing the Sovereign Grant, which funds the official duties of the royal family, will be published at a press briefing this week alongside a separate extensive new royal household report on royal finances.
Figures from last year showed the Sovereign Grant stood at £86.3 million ($A162.9 million), comprising £51.8 million ($A97.8 million) for core elements like travel and payroll costs and £34.5 million ($A65.1 million) to fund the Buckingham Palace Reservicing Program.
“Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility,” a Buckingham Palace spokesperson said.
“To put it simply: we continue to modernise and evolve.”
