King Charles has become the first monarch in modern times to reveal how much tax he pays on his private income: £24.6 million over the last two years. The move comes after years of calls for the monarch to be more open with the public about royal finances.
Historic disclosure
This unprecedented disclosure has been heralded by some as a new era of transparency. However, questions remain about just how open the revelation has been. The figure covers tax on the king's private income from the Duchy of Lancaster, a portfolio of land and assets worth over £650 million.
Context and impact
The king voluntarily pays income tax on his private income, a practice started by his mother, Queen Elizabeth II, in 1992. The latest disclosure is part of a broader effort to modernize the monarchy's financial reporting. Critics argue that the sovereign grant, which funds official duties and is linked to the Crown Estate's profits, should also be subject to greater scrutiny.
According to Juliette Garside, European financial affairs editor, the revelation marks a significant step but leaves many details unclear. The royal household has not provided a full breakdown of the king's income or tax calculations, leading to calls for more detailed reporting in the future.
