{"id":356002,"date":"2026-06-26T16:00:36","date_gmt":"2026-06-26T15:00:36","guid":{"rendered":"https:\/\/www.newsisc.com\/videos\/king-charles-has-revealed-his-tax-bill-heres-whats-in-it\/"},"modified":"2026-06-26T16:00:36","modified_gmt":"2026-06-26T15:00:36","slug":"king-charles-has-revealed-his-tax-bill-heres-whats-in-it","status":"publish","type":"post","link":"https:\/\/www.newsisc.com\/videos\/king-charles-has-revealed-his-tax-bill-heres-whats-in-it\/","title":{"rendered":"King Charles has revealed his tax bill &#8211; here&#8217;s what&#8217;s in it"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/i3.ytimg.com\/vi\/RuHA_L4R5tY\/hqdefault.jpg\" alt=\"King Charles has revealed his tax bill - here's what's in it\"><br \/> <iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/RuHA_L4R5tY\" frameborder=\"0\" allowfullscreen><\/iframe> <\/p>\n<p>Watch the full podcast out soon on the Talking Royals YouTube channel: https:\/\/www.youtube.com\/@ITVNewsTalkingRoyals<\/p>\n<p>The core funding of the monarchy is to jump to \u00a3100 million a year, almost doubling in the space of three years.<\/p>\n<p>Under a new formula for calculating the Sovereign Grant, which pays for the royal family\u2019s official duties and the upkeep of royal palaces, the Royal Household is to receive \u00a399.9 million as a core grant in 2027-28.<\/p>\n<p>This would equate to a jump of \u00a348.1 million compared with the core grant of \u00a351.8 million in 2024-25.<\/p>\n<p>The change was decided upon by Royal Trustees \u2013 outgoing Prime Minister Sir Keir Starmer, Chancellor Rachel Reeves, and the King\u2019s Keeper of the Privy Purse and Treasurer James Chalmers.<\/p>\n<p>The boost will be used to pay for a backlog in maintenance at occupied royal palaces, strengthen cyber-security at royal residences, and for the installation of energy efficient heating systems, with \u00a311 million set aside to replace boilers nearing the end of their life at Windsor Castle.<\/p>\n<p>Republic, which campaigns for an elected head of state, criticised the announcement, with chief executive Graham Smith branding royal finances \u201cout of control\u201d.<\/p>\n<p>Keeper of the Privy Purse Mr Chalmers insisted the funding was \u201cnot a blank cheque\u201d and there were strict value for money requirements.<\/p>\n<p>\u201cExpenditure is governed by the same standards and disciplines as any publicly funded body, with strict value-for-money requirements, detailed planning, multi-year strategies, independent audit, and Treasury oversight,\u201d he said.<\/p>\n<p>A temporary decade-long uplift to the Sovereign Grant was put in place from 2017 to pay for the \u00a3369 million overhaul of Buckingham Palace, with an extra reservicing portion grant added to the core grant for 10 years.<\/p>\n<p>The refurbishments are coming to an end in 2027, when the annual overall grant will fall from \u00a3137.9 million, which includes both core funding and the Buckingham Palace renovations funds, in 2026-27, to a core funding of \u00a399.9 million in 2027-28.<\/p>\n<p>Mr Chalmers said: \u201cThis year we are announcing that the Sovereign Grant will be reduced in 2027-28 for the first time since its inception.\u201d<\/p>\n<p>He added: \u201cIn line with His Majesty\u2019s clear wishes, it will be reduced to \u00a3100 million, a level that the Royal Trustees have determined will ensure the work of our Head of State and the wider Household can be properly and appropriately supported in the nation\u2019s best interests.\u201d<\/p>\n<p>The new figure will be, however, almost double the core grant of \u00a351.8 million in 2024-25, and \u00a327.8 million above the core grant of \u00a372.1 million in 2025-26.<\/p>\n<p>The official funding of around \u00a3100 million a year is set to continue for a period of five years, until the next review, because Crown Estate profits, which benefited previously from a major boost, are expected to be \u201csignificantly impacted\u201d as Offshore Wind option fees cease, the Royal Household\u2019s report on royal finances revealed.<\/p>\n<p>More than \u00a328.2 million was invested in ongoing property maintenance in 2025-26 to preserve historic buildings other than Buckingham Palace \u2013 a rise of around \u00a310 million, the Sovereign Grant accounts showed.<\/p>\n<p>In 2016-17, before the start of the Palace renovations, the Sovereign Grant for official duties and general official residence upkeep was \u00a342.8 million \u2013 a figure, which according to the Bank of England inflation calculator, would today be worth \u00a360.4 million.<\/p>\n<p>The Royal Trustees decided in their review that the Sovereign Grant will be formed of 20.5% of Crown Estate net profits from 2027-28, rather than current rate of 12%, for five years.<\/p>\n<p>Mr Chalmers added: \u201cIt is important to emphasise that the Sovereign Grant does not provide personal income to members of the Royal Family. It funds the work of the institution \u2013 not private lives or private wealth.\u201d<\/p>\n<p>The Crown Estate\u2019s 2025-26 annual accounts, published on Thursday, showed a net revenue profit of \u00a3487 million.<\/p>\n<p>The Treasury said the recalculation of the Sovereign Grant Bill would ensure \u201ca sustainable and proportionate funding framework going forward\u201d.<\/p>\n<p>Mr Smith, of Republic, said: \u201cRoyal finances are out of control, and parliament needs to act to slash the annual budget to below \u00a310 million.\u201d<\/p>\n<p>He added: \u201cDespite ongoing concerns about the huge cost of the royals, the grant will remain hugely inflated on its initial level of \u00a331 million in 2012. If that had risen by inflation the grant would stand at \u00a345 million, not \u00a3100 million.\u201d<\/p>\n<p>\u2022 Subscribe to ITV News on YouTube: http:\/\/bit.ly\/2lOHmNj<br \/>\n\u2022 Get breaking news and more stories at http:\/\/www.itv.com\/news<\/p>\n<p>Follow ITV News on TikTok https:\/\/www.tiktok.com\/@itvnews?lang=en<br \/>\nFollow ITV News on Instagram: https:\/\/www.instagram.com\/itvnews\/<br \/>\nFollow ITV News on Facebook: https:\/\/www.facebook.com\/itvnews\/<br \/>\nFollow ITV News on X: https:\/\/twitter.com\/itvnews<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Watch the full podcast out soon on the Talking Royals YouTube channel: https:\/\/www.youtube.com\/@ITVNewsTalkingRoyals The core funding of the monarchy is to jump to \u00a3100 million a year, almost doubling in the space of three years. Under a new formula for calculating the Sovereign Grant, which pays for the royal family\u2019s official duties and the upkeep [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":356003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[128812],"tags":[],"actors":[],"class_list":["post-356002","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-itv-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>King Charles has revealed his tax bill - here&#039;s what&#039;s in it | News ISC Videos<\/title>\n<meta name=\"description\" content=\"Watch King Charles has revealed his tax bill - here&#039;s what&#039;s in it for free, here on News ISC. 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