The £12.9m tax bill paid by King Charles III in 2024-25 marks a significant milestone in the monarchy's financial transparency, shedding light on the King's personal finances alongside official accounts detailing staff numbers, investments, and Royal Household reserves. This unprecedented disclosure coincides with Prince William, the heir to the throne, paying £7.76 million in tax during the same period.
A notable aspect of the accounts is the involvement of Legal & General, a major UK financial services company, which handles the pension schemes for the King's staff. The Royal Household contributed £3 million towards these schemes over 2024-25, accounting for 15 per cent of auto-enrolled employees' salaries. This arrangement highlights how prominent financial institutions support the operational aspects of the monarchy.
The accounts also indicate a substantial increase in public funding for the Royal Household, with a government grant rising from £51.8 million in 2024-25 to nearly double to £99.9 million within three years. This increase follows significant expenditure, including £137.9 million in the preceding year, primarily allocated towards Buckingham Palace renovations. The revised financial agreement with the Crown Estate has led to a re-allocation of cash for capital investment.
Insights into the King's staff and operational costs reveal a rise in payroll expenses due to an increase in employee numbers, reaching 539 full-time staff, and the national living wage uplift in April 2024. The total cost for full-time staff was £20 million in 2025. Median pay stood at £34,766, with senior courtiers earning up to £230,000. Notably, despite increased spending, the Royal Household maintained a surplus, topping up reserves by approximately £1 million.
The disclosures have sparked debate among experts, with some questioning the methodology and transparency surrounding official and personal expenses. Conversely, others note that the King's tax bill disclosure is voluntary, highlighting the willingness of the monarchy to engage in greater financial transparency.