Buckingham Palace has announced the King's total personal tax payment will be published for the first time – a historic first for a British monarch.
The decision is understood to be His Majesty's "express[ed] wish" amid calls for further transparency into royal finances.
The announcement comes after an uncomfortable few years for the Royal Family, whose private financial arrangements have been widely scrutinised.
Earlier this month, the National Audit Office revealed that Andrew Mounbatten-Windsor received a private income from subletting three cottages at Royal Lodge while paying peppercorn rent.
Meanwhile, the NHS was reportedly charged over £11million over 15 years by the King's Duchy of Lancaster to store ambulances in a London warehouse.
Other public bodies, funded by taxpayers, continue to be charged rent by the royal duchies – the profits of which provide a private income for King Charles and Prince William.
Although the duchies are exempt from paying corporation tax or capital gains tax, the King and the Prince of Wales voluntarily pay income tax at the top rate of 45 per cent.
A palace spokesman has told GB News: "In order constantly to improve and to encourage wider understanding of our accountability, the Royal Household has been considering options to enhance this transparency still further – and can today announce additional measures in keeping with our public service priorities.
"To put it simply: we continue to modernise and evolve.
"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.
"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. 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."
Queen Elizabeth II began voluntarily paying income and capital gains tax on her personal income in 1993, but exact figures were never published by Buckingham Palace.
Following public criticism of the Duchy of Cornwall rental agreements, Prince William waived rent for a number of grassroots organisations and charities using his land.
Recent polling by YouGov suggests almost half of British adults feel the Royal Family does not represent good value for money.
Later this year, an inquiry is being held into the independent Crown Estate by politicians on the Public Accounts Committee to examine the rental agreements for members of the Royal Family.
On Friday, the annual Sovereign Grant Report is expected to be published, detailing the publicly-funded expenditure relating to Royal Finances.
The publication of King Charles' total personal tax payment for the financial year 2024-2025 is expected to be published on the same day.
Buckingham Palace intends to publish His Majesty's tax payments annually.
The Prince of Wales' personal tax payments have previously been private, and it is unclear if he intends to follow his father's lead.
Buckingham Palace and Kensington Palace are understood to have worked closely together on the plans.
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