IN BRIEFBuckingham Palace said the landmark disclosure was part of its "commitment to transparency".Republic UK, an anti-monarchy group, described the latest report as "dishonest" and "misleading". King Charles has revealed that he paid £12.9 million (more than $24.6 million) in tax last year, marking the first time a monarch has publicly disclosed how much personal tax he paid.That places Charles among the UK's top 100 taxpayers between 2024-2025, local media reported.The monarch is not liable for tax, but his mother, Queen Elizabeth, began paying it voluntarily in 1993. Buckingham Palace described the landmark disclosure as part of its "commitment to transparency". Royal finances have long been considered complex, murky and difficult to decipher, and the latest disclosure — which did not include breakdowns of how the figures were calculated — does little to lift the veil. Royal finances have come under increasing scrutiny in recent years, including following a recent watchdog report into property arrangements involving the king's brother, Andrew Mountbatten-Windsor.News that makes senseYour trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.Palace officials said the amount of tax payable by Charles since he became king in 2022 exceeded £30 million ($57 million).That includes more than £11.7 million ($22 million) of tax paid from 2023-2024. The figure for the year following Queen Elizabeth's death in September 2022 was not provided. Tax years in Britain run from early April.Charles had previously disclosed the amount of tax he paid prior to becoming monarch.In a similar move, Charles' eldest son, Prince William, also released his personal tax information. The royal report detailed that William paid more than £7.7 million ($14.75 million) in income and capital gain taxes in 2024-2025. The year prior, he paid £8.3 million ($15.9 million), according to his office.Where does the king get his money?The British monarchy is funded through both public and private sources. That includes the Sovereign Grant, which provides official public funding for the monarchy and the Privy Purse, which supplies Charles' income through revenue generated by the Duchy of Lancaster estate. In 2025-2026, funding for the Sovereign Grant increased to £132.1 million (more than $253 million). Charles receives personal income from land, private estates and investments on top of that figure, which he receives from the government to support royal duties.The British Imperial Crown is worth billions of dollars. Credit: PA/AlamyCharles' private sources of income include his Balmoral and Sandringham estates as well as art, jewellery, stamp collections, investments and private savings.In a palace statement published on Thursday, James Chalmers, the Charles' treasurer and keeper of the privy purse, said: "While Royal finances can sometimes appear complex, the underlying system is clear in principle, structured in law and refined over time to ensure the Monarch can serve with independence, accountability and in the long-term interests of the nation."Republic UK, which campaigns to replace the monarchy with a democratically elected head of state, described the latest report as "dishonest" and "misleading". "Another hike for Charles, more spin and gloss and more misdirection on taxes. This is the way with royal reporting, the more they reveal the more questions are raised," Republic CEO Graham Smith said.Under the Sovereign Grant Act, the British monarch is not legally liable to pay income tax, capital gains tax or inheritance tax. However, in 1993, Queen Elizabeth agreed to start voluntarily paying tax following public pressure. Breaking nearly two centuries of traditionOn Thursday, palace officials also confirmed that Charles and Queen Camilla will not live at Buckingham Palace after a £369 million (more than $705 million) refurbishment is completed next year. The project includes replacing ageing electrical wiring, pipes and heating.Instead, the royals will continue to reside at Clarence House, ending almost two centuries of monarchical tradition. Buckingham Palace has served as the monarch's primary London residence since Queen Victoria became sovereign in 1837. Yet, Charles and Camilla have not stayed overnight in the palace since 2019. Chalmers, the keeper of the privy purse said Buckingham Palace "will remain monarchy HQ, the crown jewel of our national buildings, with the sovereign’s standard flying proudly from the roof whenever his majesty is in London".— With additional reporting by Reuters and Associated Press.For the latest from SBS News, download our app and subscribe to our newsletter.