Nicolai Haugsted
King Charles makes surprising Buckingham Palace decision after £369 million renovation
Buckingham Palace has stood as the heart of the British monarchy for generations, but that chapter is about to change.
Despite a £369 million refurbishment nearing completion after nearly a decade of work, King Charles has decided he will not move into the iconic royal residence when renovations finish next year, says Reuters.
The announcement came alongside the release of new royal financial figures, including the first-ever disclosure of Charles’ personal tax bill.
Buckingham Palace to remain royal headquarters
Royal officials confirmed that Charles will continue living at Clarence House, his longtime London residence located just a short distance from Buckingham Palace.
Although the palace will no longer serve as the monarch’s primary home, officials stressed that it will remain the center of royal business.
“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,” said James Chalmers, the King’s Treasurer and Keeper of the Privy Purse.
Buckingham Palace will continue hosting state banquets, official ceremonies and meetings with visiting heads of state.
Private rooms will still be maintained for the King should overnight accommodation ever be required.
Officials also said public access to the palace will increase once the renovation project is completed, though no further details have yet been announced.
Massive renovation nearing completion
Work on the palace began in 2017 and has focused on replacing aging electrical wiring, plumbing and heating systems throughout the historic building.
Original plans envisioned Buckingham Palace remaining the monarch’s main London residence, as it has been since Queen Victoria took the throne in 1837.
Neither Queen Elizabeth II nor King Charles has spent a night at the palace since 2019.
Around 700,000 visitors tour the landmark every year.
Charles reveals personal tax bill
Thursday also marked a milestone for royal financial transparency.
For the first time, officials disclosed exactly how much tax King Charles paid.
Although British monarchs are not legally required to pay income tax, capital gains tax or inheritance tax, Charles has voluntarily continued the practice introduced by Queen Elizabeth II in 1993.
The King paid £12.9 million in taxes during the 2024/25 financial year, following a tax payment of £11.7 million the previous year.
Since becoming monarch in 2022, Charles has paid more than £30 million in taxes.
His private income comes primarily from the Duchy of Lancaster estate, which generated £25.2 million during the 2025/26 financial year, alongside income from investments and other private holdings.
Royal funding set to fall
Government funding for the monarchy, known as the Sovereign Grant, will total £137.9 million in 2026/27.
Officials confirmed that amount will fall to £100 million beginning in 2027/28, following what Chalmers described as the King’s own wishes.
“This is not a blank cheque,” Chalmers said, adding that safeguards are in place to ensure the funding remains proportionate.
The current level remains significantly higher than before the Buckingham Palace refurbishment began, reflecting changes made to the funding formula to finance the renovation.
Prince William’s finances also disclosed
Fresh figures also showed that Prince William paid £7.76 million in personal tax during the 2024/25 financial year.
His office additionally announced that £1.5 million in rental income from a former prison property will be directed back into the local community.
Both Charles and William have recently faced criticism over rental income generated from properties leased to public institutions, including the armed forces, schools and Britain’s National Health Service.
