Buckingham Palace reveals King Charles major decision as monarch set to make history

Buckingham Palace has disclosed King Charles major decision as the monarch is set to make history days before Prince Harry and Meghan Markle’s trip to Britain with their children Archie and Lilibet.

The palace spokesperson told the Press Association, per the AFP, that King Charles will reveal his personal tax bill in a bid to improve transparency.

British monarchs are legally exempt from paying certain taxes, though they have paid some duties on a voluntary basis for decades.

They also have no obligation to disclose their tax bills, but recent scandals surrounding the disgraced former prince Andrew have thrust the royal family´s finances into the spotlight.

Charles will become the first monarch to share his personal tax information, 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," the spokesperson said.

"Our aim is to explain all elements of royal finances in a way that further enhances clarity and accessibility, while also placing it in its historical and constitutional context.

"To put it simply: we continue to modernise and evolve."

Charles tax information will be shared on Thursday as part of the annual royal financial accounts, the BBC reported.

Under British law, monarchs do not have to pay income tax, capital gains tax or inheritance tax.

However, since 1993 and starting with the late Queen Elizabeth II, they have voluntarily paid the first two.

Before Charles ascended the throne in 2022, he also disclosed how much tax he paid when he was Prince of Wales.