**King Charles to Forego Living at Buckingham Palace Post-Refurbishment**
In a significant shift for the British monarchy, King Charles has announced that he will not reside at Buckingham Palace following the completion of its extensive refurbishment, which is set to conclude next year. This decision marks the end of nearly 200 years of the palace serving as the primary residence for the British monarch, a tradition that dates back to Queen Victoria's reign beginning in 1837.
Royal officials disclosed this information on Thursday, emphasizing that while the palace will no longer be the king's home, it will continue to function as the "headquarters" of the monarchy. James Chalmers, the king's treasurer, known as the Keeper of the Privy Purse, stated that Buckingham Palace will remain the central venue for ceremonial and official functions, including state visits. “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 remarked.
The refurbishment, which began in 2017 and has cost approximately £369 million ($487 million), aims to update the palace's aging infrastructure, including electrical wiring, plumbing, and heating systems. Despite the extensive renovations, neither King Charles nor the late Queen Elizabeth II has stayed overnight at the palace since 2019. However, the king will retain private rooms at Buckingham Palace that could be used for accommodation if necessary.
In addition to the announcement regarding his residence, royal officials revealed that King Charles paid £12.9 million ($17 million) in taxes for the fiscal year 2024/25, a figure that has not been publicly disclosed until now. This payment places him among the top 100 taxpayers in Britain. Since ascending to the throne in 2022, Charles has paid more than £30 million in taxes, including £11.7 million in the previous fiscal year.
While British monarchs are not legally required to pay income, capital gains, or inheritance tax, King Charles has chosen to do so voluntarily, following the precedent set by his mother, Queen Elizabeth II, after 1993. His income derives from the Duchy of Lancaster estate, which is expected to generate £25.2 million in 2025/26, along with other personal investments and holdings.
The king also receives funding from the Sovereign Grant, which is based on a percentage of profits from the Crown Estate. This grant has seen a significant increase, rising from £86 million in 2024/25 to an anticipated £132 million the following year, with projections of £137.9 million for 2026/27. However, Chalmers indicated that the Sovereign Grant will be reduced for the first time in 2027/28 to £100 million, reflecting King Charles’s desire for fiscal prudence.
Recent media scrutiny has highlighted the financial dealings of the royal family, including revelations that the Duchy of Lancaster and the Duchy of Cornwall estate, managed by heir-to-the-throne Prince William, have been charging rent to public services such as the health service and schools. In 2024/25, Prince William reportedly paid £7.76 million in taxes and directed £1.5 million in rent from a closed prison to benefit the local community.
Critics of the monarchy, including Graham Smith, CEO of the anti-monarchy campaign group Republic, have expressed concerns regarding the transparency of royal finances. Smith remarked, “Another hike for Charles, more spin and gloss and more misdirection on taxes,” suggesting that despite the royal family's efforts to disclose financial information, questions remain unanswered.
As King Charles prepares to maintain his residence at Clarence House, his decision reflects a broader trend of modernization and adaptation within the monarchy. The increased public access to Buckingham Palace and the commitment to transparency in financial matters are steps taken to address growing public scrutiny and to redefine the role of the monarchy in contemporary Britain.