"Historic First"... Amid Calls for Transparency, King Charles III to Disclose Modern British Monarch's Tax Details

Calls for Greater Transparency Emerge
After Brother Is Caught Up in Epstein Scandal

King Charles III of the United Kingdom is set to become the first monarch in modern British history to release his personal tax statement.

King Charles III of the United Kingdom is waving his hand in front of Buckingham Palace in London. Photo by EPA Yonhap News

On June 20 (local time), the BBC reported that King Charles III's tax payments for the 2024-2025 fiscal year will be included as a new item in the annual royal financial report, scheduled to be released on June 25.

The disclosure will cover ▲ income generated from the Duchy of Lancaster, which is a private estate of the King ▲ personal investment earnings ▲ and tax details on income from King Charles III’s privately owned estates, such as Sandringham and Balmoral. The Duchy of Lancaster estate business, which makes up a significant portion of the King’s personal income, reportedly generated more than 24 million pounds (approximately 4.87 billion won) in profits in the previous year. This section is also expected to be included in the upcoming tax statement.

The British monarch is not legally required to pay inheritance tax, income tax, or capital gains tax on assets inherited from previous monarchs. However, King Charles III has voluntarily paid income tax and capital gains tax on the sale of personal assets. He also disclosed the amount of tax he paid while he was the Prince of Wales and plans to continue this transparency as King. This will mark the first time in modern British history that a monarch publicly releases their personal tax statement.

Buckingham Palace stated, "This measure is intended to enhance transparency and broaden public understanding of the royal family's responsibilities." The Palace added, "We continue to modernize and evolve," and announced that the King’s tax statement will be disclosed regularly every year going forward.

However, some opinions suggest that this is not the only reason for the disclosure. After Charles III’s brother, Andrew Mountbatten-Windsor, was implicated in allegations involving American sex offender Jeffrey Epstein, there were growing demands from the public and members of Parliament for greater transparency in royal financial transactions. These calls for transparency are seen as having influenced the decision to implement this measure.

The latest financial report will be released along with detailed information about the Sovereign Grant, which is public funding for the British royal family. The grant is used for building maintenance and official events, among other expenses. The Sovereign Grant has been increased to a record high of 137.9 million pounds (approximately 27.9588 billion won). Since its introduction in 2012, the grant has never been reduced, but discussions regarding potential reductions are expected to take place soon.

Meanwhile, in 2021, Andrew became embroiled in a civil lawsuit filed by a victim of Epstein who alleged that he had sexually abused her when she was a minor. In 2022, Andrew reached an undisclosed settlement and the lawsuit was concluded. At the time of the settlement, he acknowledged that Epstein had sexually exploited numerous young women, but denied any wrongdoing on his own part. Following the allegations, Andrew was stripped of his princely title.

This content was produced with the assistance of AI translation services.