King Charles reveals £12.9m tax bill; Buckingham Palace refit costs rise

King Charles III has made an unprecedented move by publicly disclosing his personal tax payments, totaling over £30 million (approximately $40 million) since his ascension to the throne in September 2022. This includes £12.9 million (around $17 million) for the 2024-25 financial year. This disclosure marks the first time a reigning British monarch has revealed such financial details, a decision Buckingham Palace states is part of a broader effort to enhance transparency and public accountability regarding royal finances.

Concurrently, the core public funding for the monarchy, known as the Sovereign Grant, is projected to nearly double, reaching £99.9 million (approximately $132 million) annually by the 2027-28 financial year. This significant increase from previous levels, notably from £51.8 million in 2024-25, partially supports the extensive, decade-long £369 million refurbishment project at Buckingham Palace, which is expected to conclude in 2027.