King Charles will not resume residence at Buckingham Palace following the completion of a major refurbishment project next year, royal officials confirmed on Thursday. This decision marks a departure from nearly 200 years during which the central London palace has served as the British monarch’s principal home.
The extensive £369 million renovation, which began in 2017, involves updating the building’s aging infrastructure, including electrical wiring, plumbing, and heating systems. At the outset of the project, Buckingham Palace was expected to remain the monarch’s main London residence, a role it has held since Queen Victoria’s reign began in 1837. However, King Charles has chosen to continue living at Clarence House, located nearby, instead.
Despite this, Buckingham Palace will maintain its status as the central venue for official and ceremonial functions. James Chalmers, the king’s treasurer and keeper of the privy purse, affirmed that the palace will continue to host state occasions and the reception of foreign dignitaries. The sovereign’s standard will be flown from the palace whenever the king is in London, symbolizing its ongoing role as the headquarters of the monarchy. While neither Charles nor the late Queen Elizabeth II have stayed overnight at the palace since 2019, the king will retain private living quarters there for occasional use.
Officials also announced the disclosure of King Charles’s tax payments for 2024-25, marking the first time this information has been made public. The monarch paid £2.19 million (HK$13.3 million) in tax during this period, placing him among the top 100 taxpayers in the United Kingdom. This move toward transparency follows increased public scrutiny of royal finances after Queen Elizabeth’s death in 2022.
While British monarchs are exempt by law from paying income, capital gains, or inheritance tax, Charles voluntarily fulfills these obligations, a practice initiated by the late queen after 1993 but previously undisclosed in detail. In 2023-24, the king paid £11.7 million in taxes and has contributed over £30 million since ascending to the throne in 2022. His private income derives principally from the Duchy of Lancaster estate, which is projected to generate £25.2 million in 2025-26, alongside other investments.
The Sovereign Grant, funded by the government to cover expenses related to royal staff, palaces, and travel, will total £137.9 million in 2026-27. However, this amount is set to be reduced to £100 million starting 2027-28, aligning with the king’s expressed desire to limit public funding. Chalmers emphasized that appropriate safeguards are in place to ensure the grant remains proportionate and is not unrestricted.
In addition, Prince William, heir to the throne, paid £7.76 million in taxes in 2024-25. His office noted that he has directed £1.5 million in rental income from a closed prison property to benefit the local community.