King Charles won't live in Buckingham Palace, reveals taxes

King Charles won't live in Buckingham Palace, reveals taxes

King Charles III and Queen Camilla will not take up residence at Buckingham Palace even after the completion of a 10-year, 369 million pound refurbishment program scheduled to finish in March 2027, royal officials announced Thursday.

The couple will instead continue to live at Clarence House, the King's London home since 2003. While the 775-room palace has served as the primary London residence for British monarchs since Queen Victoria became sovereign in 1837, it will now cease to be a residential home.

James Chalmers, the king's treasurer and keeper of the privy purse, described the move as both a change from the past and a recognition of the future. He stated that the decision was made after careful consideration to greatly increase opportunities for public access to the building.

Despite the lack of a resident monarch, officials insist the building remains the ceremonial and operational centre of the monarchy. Chalmers told reporters,

"It is and will remain monarchy HQ, the crown jewel of our national buildings,"

James Chalmers, keeper of the privy purse, via reporters

The palace will continue to host state dinners, garden parties, investitures, and audiences. The King will visit the site daily for meetings when in London and will have access to private rooms for retirement during the working day. However, the move suggests a permanent shift in royal tradition; Prince William and the Princess of Wales have indicated they intend to remain at Forest Lodge in Windsor upon William's eventual accession to the throne.

Financial Transparency and Tax Disclosures

The announcement coincided with a historic financial briefing where King Charles became the first British monarch to publicly disclose the personal taxes he paid to the government since becoming sovereign in 2022. For the 2024-25 financial year, the King paid 12.9 million pounds in income and capital gains taxes, an increase from 11.7 million pounds the previous year.

This figure places the King among Britain's top 100 taxpayers. While the British monarch is not legally obliged to pay income, capital gains, or inheritance tax, Charles has voluntarily done so since 1993, following the example of Queen Elizabeth II.

The King's private income is derived from the Duchy of Lancaster estate and other investments, including Sandringham and Balmoral. He also receives the Sovereign Grant from the government to fund travel, royal palaces, and staff.

Prince William also disclosed his taxes, paying 7.76 million pounds in the 2024-25 period, down from 8.34 million pounds in 2023-24. Together, father and son have paid over 50 million pounds to HMRC since the King ascended the throne in September 2022.

Modernization Amid Controversy

These disclosures are part of a drive for greater transparency and accountability. The move comes as the royal family attempts to shift the public narrative following months of headlines regarding the links between Jeffrey Epstein, a convicted sex offender, and Andrew Mountbatten-Windsor, formerly known as Prince Andrew.

Further scrutiny has fallen on royal housing arrangements. Recent investigations revealed that the King pays for the accommodation of Princess Beatrice and Princess Eugenie. Additionally, the royal household reported 3.9 million pounds in rental income for the 2025-26 financial year, which includes contributions from the sisters, though their exact amounts were not disclosed.

The "Reservicing" Project

The 369 million pound refurbishment, which began in 2017, was designed to address critical infrastructure failures. Chalmers noted the project was essential to prevent catastrophic fire and flood by replacing obsolete heating, pipes, and electrical wiring.

The late Queen Elizabeth II had previously expressed antipathy toward living above the shop, spending more time at Windsor Castle. She last stayed overnight at Buckingham Palace on March 18, 2020, before the pandemic and ongoing building works rendered her private suite uninhabitable.

While the palace currently hosts about 700,000 visitors annually, access is limited to 11 weeks of the year. Officials believe removing the residential requirement will allow the palace to open its doors more frequently to paying visitors and reduce the burden on taxpayers.

The decision has drawn criticism from some royal observers. Journalist Phil Dampier told the Daily Express that the move is a big mistake, arguing that the building risks becoming a museum and losing the magic associated with being the actual home of the monarch.

Both Buckingham Palace and Kensington Palace have committed to publishing their tax bills annually, with reviews conducted by independent accountants.