londonReuters —
King Charles will no longer live at Buckingham Palace when a 10-year renovation ends next year, royal officials announced Thursday, ending nearly two centuries of the central London landmark serving as the main residence of British monarchs.
Officials also revealed that the monarch paid £12.9 million (about $17.04 million) in tax in 2024/25, a figure made public for the first time, putting him among the UK’s top 100 taxpayers.
Members of the royal family have pledged to increase financial transparency amid mounting criticism following Queen Elizabeth’s death in 2022.
Charles has decided to continue living nearby at his long-time London residence, Clarence House, until Buckingham Palace’s £369 million renovation is completed next year. The project includes replacing aging electrical wiring, pipes and heating.
When work began in 2017, officials expected the palace to remain the monarch’s main London residence since Queen Victoria took over the throne in 1837.
James Chalmers, the king’s treasurer and custodian of the Secret Purse, said it would remain the main venue for ceremonies and official events, including entertaining foreign dignitaries.
“This is and will always be the seat of the monarchy, the crown jewel of our nation’s architecture, and the King’s flag flies proudly from the roof whenever His Majesty is in London,” he told reporters.
Neither Prince Charles nor the late Queen Elizabeth have stayed at the palace since 2019. The king plans to maintain private rooms in the palace that can be used as accommodation.
Chalmers declined to provide further details, but said about 700,000 people visit the building each year and public access will further expand.
By law, the British monarch is not required to pay income, capital gains or inheritance tax, but Prince Charles has voluntarily paid an undisclosed amount, as his mother has done since 1993.
Charles, like other monarchs since 1399, derives personal income from his vast estate in the Duchy of Lancaster (£25.2m in 2025/26), as well as other holdings and investments.
Mr Chalmers said the monarch had paid £11.7m in tax in 2023/24 and more than £30m since becoming king in 2022.
He also receives money known as a “sovereign grant” from the government to pay for his staff, palace and travel expenses. That figure will rise to £137.9m in 2026/27.
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But Mr Chalmers said that “in line with Her Majesty’s clear wishes” it would be reduced to £100m for the first time in 2027/28 and remain at this level until 2031/32.
This will be around £60m more expensive than in 2016, when funding for Buckingham Palace’s renovations changed. “This is not a blank check,” Chalmers said, adding that safeguards are in place to ensure the amounts are proportionate.
Prince William, the heir to the throne, has directed that £7.76 million in tax be paid in 2024/25 and £1.5 million in rent for closed prisons be donated to local communities, his office has announced. Prince William and Prince Charles have faced criticism that they profit from charging rent for the military, health services and schools.
