King Charles will not take up residence at Buckingham Palace once its extensive 10-year refurbishment concludes next year, marking the end of nearly 200 years of the palace serving as the primary home of British monarchs. Instead, he will remain at Clarence House, his long-established London residence.
The £369 million renovation, initiated in 2017, focuses on modernizing the palace’s outdated electrical wiring, plumbing, and heating systems. Initially, it was anticipated that Buckingham Palace would continue as the monarch’s main London residence following the completion of these upgrades.
James Chalmers, the king’s treasurer, emphasized that Buckingham Palace will still function as the monarchy’s headquarters and the site for major ceremonial and official events. He stated that the palace remains the “crown jewel” of national buildings, with the sovereign’s standard flying from its roof whenever King Charles is in London.
Although Charles will not live there permanently, private quarters will be maintained for his use during official visits to London. Notably, neither King Charles nor the late Queen Elizabeth II has spent a night at Buckingham Palace since 2019.
In a significant development, royal officials revealed that Charles paid £12.9 million ($17 million) in taxes during the 2024–25 financial year, ranking him among the top 100 taxpayers in the UK. While British monarchs are not legally obligated to pay income, capital gains, or inheritance taxes, Charles continues the voluntary tax payments initiated by Queen Elizabeth II in 1993.
Chalmers also noted that since ascending the throne in 2022, the king has paid over £30 million in taxes. Meanwhile, the annual Sovereign Grant, which supports official royal duties, palace maintenance, and travel, rose from £86 million in 2024–25 to £132 million in 2025–26, largely due to increased revenues from the Crown Estate. It is projected to reach £137.9 million in 2026–27 before being reduced to £100 million in 2027–28 at the king’s request.
This announcement arrives amid heightened scrutiny of royal finances following media reports concerning income generated by royal estates. Graham Smith, chief executive of the anti-monarchy group Republic, criticized the disclosures, stating they leave many questions about royal finances unanswered and described the tax information as “more spin and gloss.”
