King Charles releases his tax bill, announces he and Queen Camilla will not live in Buckingham Palace

King Charles has made history as he becomes the first head of state to release the details of his personal tax bill.

He was among the UK’s top 100 tax payers in 2024-25.

Since becoming King after the 2022 death of Queen Elizabeth II, he has paid more than £30 million ($A57 million) in tax.

The monarch published the statements as the Royal Family seeks to increase “clarity and accessibility” around finances.

“While this is the first time a monarch has shared this personal tax information, you may recall it was similarly released by His Majesty when he was prince of Wales,” a Buckingham Palace spokesperson said.

“The decision to do so as sovereign has come at the express wish of the King himself, as part of the adaptations carried across since accession.”

King Charles pays tax on all his private income, and capital gains tax on relevant elements of his assets, as laid out in the Memorandum of Understanding on Royal Taxation 2023, agreed by the government.

Although Prince William had kept his finances hidden since becoming the Prince of Wales, his tax details were included in the report.

He has made payments of more than £20 million ($A38 million) in tax since taking on the new role.

James Chalmers, Keeper of The Privy Purse, said: “When (he was) Prince of Wales, His Majesty disclosed his tax, and he has asked that we make public his combined income and capital gains tax payments as king.”

“Today I can share with you that His Majesty’s tax payable for 2024-25 was £12.9 million.

“If annual media league tables are to be believed on such matters, that places His Majesty among the top 100 taxpayers in the country for that year.”

He receives an income from the Duchy of Cornwall, a billion-pound estate featuring The Oval cricket ground and Dartmoor Prison, providing him with funds independent of the monarch.

The prince received nearly £23 million ($A43 million) last financial year from the Duchy and voluntarily pays the highest rate of income tax, once official costs have been deducted.

The release of the financial records showed the Prince of Wales topped the annual list of the most expensive royal trips.

His three-day visit to Saudi Arabia in February, on behalf of the UK government, cost a total of £130,000 ($A248,294).

King to leave Buckingham Palace

It has also been revealed that King Charles will not live at Buckingham Palace after the completion of a 10-year £369 million refurbishment program as the monarchy seeks to increase public access to the historic building that has been the centre of royal life for almost 200 years.

Royal officials stressed that the King and Queen Camilla would continue to work out of the palace, which will remain “the ceremonial and operational centre” of the monarchy. But for the rest of Charles’ reign, the king and queen will remain in nearby Clarence House.

“It is and will remain Monarchy HQ, the crown jewel of our national buildings,” Mr Chalmers said.

The announcements come as the royal family tries to shift the narrative after months of embarrassing headlines about the links between the convicted sex offender Jeffrey Epstein and the former Prince Andrew, now known as Andrew Mountbatten-Windsor.

Built in the 1820s, Buckingham Palace has been the London home of every British monarch since Queen Victoria, but had begun to show its age.

In 2017, the royal household began a 10-year program to update obsolete plumbing, wiring and heating. The project is scheduled to be completed next year.

The King and Queen have decided to live at Clarence House, a stately home close to the palace where King Charles has lived since he was Prince of Wales.

That decision will allow the palace to increase access public access, hosting more events and expanding the number of visitors and tours of the building, Chalmers said. The palace already receives about 700,000 visitors a year.

With AP.