British royal finances are published

The Royal Household published the annual Sovereign Grant Report, detailing how public funding supported the official duties of the British Royal Family, as well as the King’s tax bill for the first time. 

The Royal Household has published its annual financial statement, the Sovereign Grant Report, detailing how public funding supported the official duties of the British Royal Family and the maintenance of the occupied royal palaces in the financial year 2025-26. The report also sets out how Sovereign Grant funding was spent in the ninth year of the Buckingham Palace Reservicing Programme — a major ten-year project to modernise essential building services within the Palace and ensure it is protected for future generations. The Palace also releases King Charles’ tax bill — the first time that the Sovereign’s personal tax payment has been published. 

Key details from the 2025-26 Sovereign Grant Report include:

•  The Sovereign Grant for 2025-26 rose to £132.1 million, increasing after remaining flat since 2021-22. The increase in funding was benchmarked against the revenue of The Crown Estate, in line with the formula for calculating the level of funding for the Royal Household as set out in the Sovereign Grant Act
• Over half of the total Sovereign Grant in 2025-26 (£67.5 million) was allocated to the preservation and protection of the occupied royal palaces, some of the nation’s most iconic heritage buildings
• Their Majesties undertook 708 engagements — an increase of more than 100 engagements on the previous year. Together, in supporting the Sovereign’s official duties, The Prince and Princess of Wales as well as the other working Members of the Royal Family have completed 2,273 engagements across the United Kingdom and overseas
• Almost 97,000 guests attended 827 Palace events
• The Royal Trustees, including the Prime Minister and the Chancellor, confirmed in March that the Sovereign Grant for 2026-27 would be set at £137.9 million, to deliver funding for the final year of the Buckingham Palace Reservicing Programme, after which it is to be reduced

The Report of the Royal Trustees on the Sovereign Grant Review, concluded today (25 June) that funding for the next grant period, 2027-2032, will be reset to a lower figure of £99.9 million each year. This figure reflects the Household’s future funding requirements for the next five years following the completion of the Palace’s Reservicing Programme. 

In the financial year 2025-26, the Sovereign Grant was benchmarked against 12% of The Crown Estate’s surplus revenues for the financial year two years previous. This reference percentage was lower than the figure used prior to 2024-25 (25%) in order to account for an expected increase to The Crown Estate’s income from offshore wind. It was the King’s wish, expressed at the time of the Royal Trustees’ Report in 2023, that the percentage of Crown Estate profits used in the Grant calculation was reduced so that the additional income was primarily directed for the wider public good.

Buckingham Palace has also confirmed the amount of tax payable by His Majesty since accession is more than £30 million. In the two full tax years since becoming King, His Majesty’s tax bill was £11.7 million in 2023-24 & £12.9 million in 2024-25, respectively. This is the first time that the Sovereign’s personal tax payment has been published, alongside a new document summarising the various sources of Royal Finances, as part of the Royal Household’s commitment to transparency.

The Sovereign Grant Report and Royal Household’s Report on Royal Finances, as well as supporting documents, will be published on www.royal.uk on Friday 26 June.