King Charles to Skip Living at Buckingham Palace After Major Refurbishment
King Charles' Residence Decision and Royal Finances
By Michael Holden
Buckingham Palace Refurbishment and the King's Living Arrangements
LONDON, June 25 (Reuters) - King Charles will not live at Buckingham Palace after its 10-year refurbishment finishes next year, royal officials said on Thursday, ending nearly two centuries of the central London landmark serving as the British monarch’s primary residence.
Royal Financial Transparency
Officials at the same time disclosed the king paid £12.9 million ($17.04 million) in tax in 2024/25 — the first time the figure has been made public — placing him among Britain’s top 100 taxpayers.
Members of the royal family have promised greater transparency about their finances amid growing criticism following the death of Queen Elizabeth in 2022.
Palace as Official Headquarters
PALACE STILL MONARCH HQ
Charles decided to continue living at Clarence House, his longstanding London home nearby, when the £369 million refurbishment of Buckingham Palace concludes next year. The project includes replacing ageing electrical wiring, pipes and heating.
When work started in 2017, officials had expected the palace to remain the monarch's primary London residence as it had been since Queen Victoria became sovereign in 1837.
Ceremonial and Official Functions
James Chalmers, the king's treasurer and keeper of the privy purse, said it would remain the primary venue for ceremonial and official functions including 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," he told reporters.
Neither Charles nor the late Queen Elizabeth had stayed overnight at the palace since 2019. The king will maintain private rooms there that could be used as accommodation.
Some 700,000 people visit the building every year, and there will be greater public access, Chalmers said, without providing details.
Royal Taxation and Income
CHARLES REVEALS TAX BILL
Voluntary Tax Payments
By law, the British king is not obliged to pay income, capital gains or inheritance tax, but Charles, like his mother did after 1993, has voluntarily done so without disclosing the amounts.
Sources of Royal Income
Charles, like all monarchs since 1399, gets a private income from the vast Duchy of Lancaster estate — £25.2 million in 2025/26 — as well as from his other holdings and investments.
Chalmers said the king paid £11.7 million in tax in 2023/24 and more than £30 million in taxes since becoming king in 2022.
The Sovereign Grant
He also receives money from the government, known as the Sovereign Grant, to pay for staff, royal palaces and travel. That amount will be £137.9 million in 2026/27.
But Chalmers said it would be cut for the first time in 2027/28 to £100 million "in line with his majesty’s clear wishes", a level where it will stay until 2031/32.
That makes it almost £60 million higher than in 2016 when the funding formula was changed to pay for the Buckingham Palace refit. "This is not a blank cheque," Chalmers said, adding there were safeguards in place to ensure the amount was proportional.
Prince William's Finances
Prince William, heir to the throne, paid £7.76 million in tax in 2024/25 and instructed that £1.5 million in rent from a closed prison go to the local community, his office said. William and Charles have faced criticism that they are profiting from charging the army, health service and schools rent.
($1 = 0.7569 pounds)
(Reporting by Michael Holden; Editing by Cynthia Osterman)
