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King Charles III\u2019s tax bill amounts to 30 million British pounds (about $40 million), covering the three years since he ascended to the throne in 2022, Buckingham Palace announced Thursday. The news\u2014the first time a British monarch has shared details about their personal tax returns<\/a>\u2014came as a part of a larger set of announcements about the future of the monarchy and its finances. Though the palace didn\u2019t reveal Charles\u2019s total income, they have previously shared<\/a> that his annual income from the Duchy of Lancaster estate amounted to more than 20 million British pounds.<\/p>\n Though the king made headlines earlier last weekend for announcing that he would share the specifics of his taxes, the disclosure itself is not exactly a barnburner. Mostly, it reveals that Charles is following through on the plan he outlined with the Treasury back in 2023<\/a>. The announcement did, however, come bundled with more details about Charles\u2019s future plans for the monarchy\u2014including his surprising choice to eschew life in Buckingham Palace.<\/p>\n A 10-year renovation of Buckingham and its grounds are on track to conclude next year. But while Buckingham Palace will remain the ceremonial center of royal life<\/a>, and continue to host events and serve as a workplace for the employees of the royal household, King Charles and Queen Camilla have decided that they will not use the estate as a personal residence even after the renovations are done. According to the palace statement, the king and queen hope instead that there will be \u201cincreased opportunities for public access\u201d to Buckingham Palace going forward.<\/p>\n In a statement, James Chalmers, the keeper of the Privy Purse, said that these changes are part of the king\u2019s goal to have \u201ctradition and modernity work hand-in-hand\u201d during his reign. He added: \u201cWhile much changes, our central principles remain: to deliver value for money and to support the Royal Family as they seek to help shape a better world, here in the United Kingdom, across the Commonwealth and beyond.\u201d<\/p>\n From 1952 until her final years, Queen Elizabeth II lived in Buckingham Palace whenever she was in London<\/a>. Yet Charles\u2014who was born there, but did not spend his formative years in the palace\u2014and Camilla declined to move in when their reign began. Instead, they have stayed in Clarence House, the nearby Regency-style home where they have lived since 2003.<\/p>\n The royal budget, called the Sovereign Grant<\/a>, will be 137.9 million British pounds for 2026\u20132027, an increase of 5 million over this year\u2019s. But following a Sovereign Grant review, the royal trustees have decided to reduce the Sovereign Grant to 99.9 million British pounds (approximately $132 million) annually for the 2027\u20132032 period.<\/p>\n That reduction might not be enough to satisfy the monarch\u2019s biggest critics. Graham Smith, the head of antimonarchy group Republic, has long criticized the monarchy for using taxpayer funding. As the news that Charles would reveal his tax bill broke, Smith blasted the decision on X. \u201cIt\u2019s only taken him 60 years to \u2018do the right thing,\u2019\u201d Smith wrote<\/a>. \u201cStill begs the question, why is his tax voluntary and how is he getting such a huge income?\u201d<\/p>\n<\/div>\n