LONDON – For nearly 180 years, Buckingham Palace has been the official home of the ruling monarch, with Queen Victoria first taking up residence in 1837. Next year, however, that tradition will end, as King Charles III will not be moving in after a massive, 10-year renovation project on the iconic building is completed.
The surprise announcement was made by the palace during a financial accounts briefing for the Royal Household, an event which was unprecedented for also sharing detailed information on King Charles’s finances.
It was announced in 2017 that 369 million (approximately 487 million) would be invested in renovating the electrical, heating and water systems in Buckingham Palace, as well as refurbishing public areas. Initially, all parties involved assumed the palace would return to serving as the sovereign’s principal residence upon the conclusion of the work next year.
Instead, the King and Queen Camilla will continue to live permanently at their longer-standing London base, Clarence House. The King’s treasurer, James Chalmers, reassured journalists that the historic building would continue to serve a central function.
“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.”
While the King will have private rooms for occasional visits, neither he nor the late Queen Elizabeth II have slept at Buckingham Palace since 2019. Palace officials expect to considerably boost visitor numbers by leaving the landmark unoccupied, thus increasing the visitor income which contributes to the overall cost of the upkeep.
A Ground-Breaking Royal Tax Transparency Move
Making perhaps the biggest headlines, King Charles is the first British monarch in history to reveal a precise personal tax bill.
The king paid 12.9 million (around $17 million) in income and capital gains tax during the financial year 2024/25, up from 11.7 million last year. This puts him in among Britain’s top 100 highest individual taxpayers, although the ruling monarch is not legally required to pay tax.
However, Mr Chalmers announced that the King had chosen to continue the voluntary tax payments initiated by his mother, Queen Elizabeth II, in 1993. The decision follows increasing public interest and scrutinising in the financing of the monarchy during a difficult economic period.
Royal Family – Latest News and Updates
The King’s personal income is derived from a variety of sources including the vast Duchy of Lancaster, which is estimated to generate income of over 25 million in the 2025/26 financial year. The public funding provided to the monarch in the form of the Sovereign Grant, which covers the monarch’s official travel, upkeep of the palaces and official duties, will continue to be funded to the tune of 100 million annually up until 2027 when final construction work on Buckingham Palace is expected to be concluded.