The Royal £12.9 Million Tax Bill.

The Royal £12.9 Million Tax Bill.

From Mark and Pete by Mark and Pete

June 28, 2026 · 16 min

About this episode

This episode examines King Charles's £12.9 million tax bill and the fairness of the royal tax system.

King Charles has paid a £12.9 million tax bill, but is the royal tax system really fair? In this episode of Mark and Pete, we examine the King’s personal tax payment, royal finances, the Duchy of Lancaster, the Sovereign Grant and the rather peculiar constitutional arrangement whereby the monarch pays tax voluntarily, rather than because HMRC has sent a brown envelope marked, in effect, “Your Majesty, kindly cough up.” King Charles reportedly paid £12.9 million in personal tax for 2024–25 , up from £11.7 million the previous year , placing him among Britain’s largest individual taxpayers. On the face of it, that is an enormous contribution. Most of us would consider it a fairly robust tax bill, possibly requiring a sit-down and a restorative biscuit. Yet the monarch is not legally required to pay income tax or capital gains tax. The payment is voluntary, following arrangements introduced by Queen Elizabeth II in 1993. So is this admirable royal transparency, or does it merely expose how unusual the monarchy’s financial privileges remain? We look at the Duchy of Lancaster , the historic estate that provides the King with private income, and ask how royal earnings differ from the…

People in this episode

Hosts: Mark, Pete

Topics covered

Keywords

Mentioned in this episode

Organizations: Duchy of Lancaster, Sovereign Grant

Places: Britain

More episodes of Mark and Pete

Explore listener stats, chart rankings, contacts and more on the Mark and Pete podcast page.