Will King Charles leave Buckingham Palace next year? Here’s what we know about it | Today’s news
King Charles will not live in Buckingham Palace from next year and will remain at Clarence House, royal officials said on Thursday.
Buckingham Palace is currently undergoing a £369 million ($487 million) renovation to replace outdated electrical, plumbing and heating systems. The 10-year renovation project is expected to be completed next year.
The London landmark has served as the main residence of British monarchs for almost two centuries, since Queen Victoria became sovereign in 1837.
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Buckingham Palace will remain the headquarters of the monarchy
According to Reuters, royal officials expected Buckingham Palace to remain the monarch’s main residence in London when renovations began in 2017.
But the palace will remain the main venue for ceremonial and official functions, including hosting state visits, said James Chalmers, the king’s treasurer, known as the keeper of the privy purse.
“It is and will remain ‘monarchy HQ’, the crown jewel of our national buildings, with the monarch’s standard flying proudly from the roof whenever His Majesty is in London,” he told reporters.
Neither Charles nor the late Queen Elizabeth have stayed overnight at the palace since 2019. The king will maintain private rooms there that could be used as accommodation.
Chalmers said public access to the palace would be increased, without giving details. Up to 7,00,000 people visit this monument annually.
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King Charles is among the 100 biggest British taxpayers
King Charles reportedly paid 12.9 million pounds ($17.0 million) in taxes in 2024-25, a royal official said. This puts him in the top 100 UK taxpayers.
This is the first time this number has been made public. The royal family has promised greater transparency about its finances amid growing scrutiny and criticism since Queen Elizabeth’s death in 2022.
By law, the British monarch is not required to pay income tax, capital gains tax or inheritance tax, but Charles did so voluntarily without disclosing the amounts, as his mother did after 1993.
King Charles, like all monarchs since 1399, derives a private income from the vast Duchy of Lancaster estate – £25.2m in 2025-26 – as well as from his other holdings and investments.
Chalmers said the king paid £11.7m in taxes in 2023-24 and a total of more than £30m since he became king in 2022.
It also receives money from the government, known as the Sovereign Grant, based on a percentage of profits from the Crown Estate, a property portfolio whose income the monarch hands over to the Treasury in return for an annual payment, to pay for staff, royal palaces and travel.
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The grant, boosted by soaring profits from the sale of offshore wind licences, has risen from £86m in 2024-25 to £132m the following year and will be £137.9m in 2026-27.
But Chalmers said it would be reduced for the first time in 2027-28 to £100m, “in line with His Majesty’s clear wishes”, a level it would remain at until 2031-32.
This makes it almost £60m higher than in 2016, when the funding formula was changed to pay for the refurbishment of Buckingham Palace. “This is not a blank check,” Chalmers said, adding that there are safeguards in place to ensure the amount is reasonable.
