The British Royal House published this Thursday the total of taxes paid for Carlos III since his accession to the throne in 2022: more than 30 million pounds (about 34.8 million euros). This figure corresponds to the income tax and the capital gains tax, applied to their private income, which the British monarchs have paid voluntarily since 1993 by decision of Elizabeth II. It is the first time that the institution reveal this information to the public, in an attempt to present a transparency image and to value the king’s contribution to the public treasury.
The data has been included in the annual report on the subsidy that the crown receives every year from the State, known as the Sovereign Grant. This subsidy – used to cover the institutional expenses of the active members of the royal family, the maintenance of official residences and the salaries of staff – has this year reached 132.1 million pounds (153 million euros), which represents a 53% increase with respect to the amount received the previous four years.
This is due to the increase in the benefits of Crown Estatethe public-private entity that manages the crown’s assets on behalf of the State and from which the institution’s budget comes each year. Crown Estate income from rural land, urban properties and seabeds soared thanks to the boom in wind energysomething that led the Government to reduce the percentage allocated to the Sovereign Grant from 25% to 12%. Even so, the crown has benefited from the increase in the Crown Estate’s annual income, which rose from £442 million annually to more than 1.1 billion.
Palacio de Buckingham
More than half of the crown budget this year has been allocated to maintenance and preservation of the royal palaces, including the palacio de Buckinghamwhich has been undergoing major renovations since 2017 at a total cost of approximately £369 million. Even so, the kings have confirmed that They have no intention of settling there when the works are completed next year and will maintain their residence in London at Clarence House, located a few meters from the official residence of the crown.
“Her Majesty continues to have great affection for Buckingham Palace and a deep respect for the role it plays in royal and public life. She will continue to be a work centerbut we want to expand public access precisely to maximize the national benefit of a publicly funded building.” The crown budget will grow again in 2027, up to 137 million poundsto cover the expenses of the last year of renovations to the palace. Starting next year, this amount will be reduced to 99 million annually.
Role of the monarchy
Representatives of the institution have tried to justify the high budget vindicating the role of the royal family and its desire for public service. “Just as previous reigns helped stabilize the nation in times of profound change, the role of the monarchy modern world continues to adapt to meet the demands of our constantly evolving world, in which the soft power of the royal family plays a diplomatic role increasingly fundamental“, assured the administrator of the monarch’s private assets, James Chalmers.
The palace has highlighted that members of the royal family have participated in more than 2,200 events in the last yearboth in the United Kingdom and abroad, of which more than 700 have been presided over by Charles III and Queen Camilla.
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