King Charles will not return to Buckingham Palace as his primary residence once its 10-year refurbishment is completed next year, royal officials announced on Thursday.
The decision marks the end of a nearly two-century tradition of the central London landmark serving as the British monarch’s main home, a role it has held since Queen Victoria took the throne in 1837, reports Reuters.
In a move towards greater transparency following the death of Queen Elizabeth II in 2022, officials also disclosed for the first time that the King paid £12.9 million ($17.04 million) in tax for the 2024/25 financial year. This figure places the monarch among Britain’s top 100 taxpayers.
While the King has opted to remain at Clarence House, his long-time London residence, Buckingham Palace will continue to serve as “monarchy HQ”. James Chalmers, the King’s treasurer and Keeper of the Privy Purse, confirmed the palace will remain the primary venue for official functions, ceremonial duties, and receiving foreign dignitaries.
“It is and 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,” Chalmers told reporters.
The £369 million refurbishment programme, which began in 2017, involves replacing antiquated electrical wiring, heating, and pipes. Although neither King Charles nor the late Queen Elizabeth have stayed overnight at the palace since 2019, the King will maintain private rooms there for accommodation as needed.
Officials also noted that public access to the building, which already attracts 700,000 visitors annually, is set to increase.
Under British law, the monarch is not required to pay income, capital gains, or inheritance tax. However, King Charles has continued the practice established by his mother in 1993 of making voluntary payments. Since his accession in 2022, the King has paid more than £30 million in taxes, including £11.7 million in the 2023/24 period.
The King’s private income is derived from the Duchy of Lancaster estate, amounting to £25.2 million in 2025/26, alongside other investments. Separately, the government provides the Sovereign Grant to cover travel, staff, and palace maintenance.
While this grant is set at £137.9 million for 2026/27, Chalmers announced it would be reduced to £100 million in 2027/28 “in line with His Majesty’s clear wishes,” remaining at that level until 2031/32.
“This is not a blank cheque,” Chalmers stated, emphasizing that safeguards are in place to ensure funding remains proportional.
The report also detailed the finances of Prince William, the heir to the throne, who paid £7.76 million in tax in 2024/25. His office confirmed he has directed £1.5 million in rent from a closed prison to be distributed to the local community.
The disclosure comes as both the King and the Prince of Wales have faced public scrutiny regarding rental income charged to public services, including the army, the health service, and schools.
