The British monarch, King Charles III, will reveal the amount of his personal tax bill in an effort to increase the transparency of the royal institution's finances.
The announcement was confirmed by Buckingham Palace on June 21, as the royal family's finances come under increasing scrutiny and attention from the British public.
Although British monarchs are legally exempt from paying some taxes, they have paid some taxes voluntarily for decades.
However, they are not required to disclose the amount of tax they pay to the public.
The increased attention to the royal family's finances comes after several controversies involving former prince, Prince Andrew, raised questions about the transparency and use of funds related to the royal institution.
Before ascending the throne, King Charles had already shared his personal tax information when he was still the Prince of Wales.
However, he is now the first monarch in modern British history to officially reveal his personal tax bill after becoming monarch.
A Buckingham Palace spokesman said the decision was made at the behest of King Charles himself and is part of changes introduced when he takes the throne in 2022.
The palace also explained that the move aims to provide a clearer and more understandable explanation of all aspects of the royal family's finances, while placing them in the context of British history and the constitution.
