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King Charles will move to a new location after the Buckingham Palace's 10-year-long renovation finishes next year, royal officials have announced, ending nearly two centuries of the central London landmark serving as the British monarch’s primary residence.
The announcement came as officials disclosed that the king paid £12.9 million in taxes in 2024/25, making him among the 100 top taxpayers in the country. This is the first time the numbers have been made public.
Members of the royal family have promised greater transparency about their finances amid growing criticism following the death of Queen Elizabeth in 2022.
The British monarch currently resides at Clarence House, his longstanding London home nearby, after the refurbishment project began 10 years ago. King Charles has decided to continue living in the same address after the renovation is completed next year.
When work started in 2017, officials had expected the palace to remain the monarch's primary London residence as it had been since Queen Victoria became sovereign in 1837.
James Chalmers, the king's treasurer and keeper of the privy purse, said it would remain the primary venue for ceremonial and official functions, including receiving foreign dignitaries.
"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," he told reporters.
Neither King Charles nor his late mother Queen Elizabeth has stayed at Buckingham Palace overnight since 2019. The king, however, will maintain private rooms there that could be used as accommodation.
Some 700,000 people visit the building every year, and there will be greater public access, Chalmers said, without providing details.
Separately, the monarch receives government funding through the Sovereign Grant, which covers the costs of official duties, including staffing, the upkeep of royal palaces and travel. The grant is set to rise to £137.9 million in 2026/27.
The announcement came as officials disclosed that the king paid £12.9 million in taxes in 2024/25, making him among the 100 top taxpayers in the country. This is the first time the numbers have been made public.
Members of the royal family have promised greater transparency about their finances amid growing criticism following the death of Queen Elizabeth in 2022.
What will be the king's new address?
The British monarch currently resides at Clarence House, his longstanding London home nearby, after the refurbishment project began 10 years ago. King Charles has decided to continue living in the same address after the renovation is completed next year.
When work started in 2017, officials had expected the palace to remain the monarch's primary London residence as it had been since Queen Victoria became sovereign in 1837.
James Chalmers, the king's treasurer and keeper of the privy purse, said it would remain the primary venue for ceremonial and official functions, including receiving foreign dignitaries.
"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," he told reporters.
Neither King Charles nor his late mother Queen Elizabeth has stayed at Buckingham Palace overnight since 2019. The king, however, will maintain private rooms there that could be used as accommodation.
Some 700,000 people visit the building every year, and there will be greater public access, Chalmers said, without providing details.
King Charles reveals taxes
Under British law, the monarch is not required to pay income, capital gains or inheritance tax. However, like his mother after 1993, King Charles has chosen to pay tax voluntarily, though the amounts were not publicly disclosed until recently.
Charles receives a private income from the Duchy of Lancaster estate, which is expected to generate £25.2 million in 2025/26, in addition to income from his personal investments and other holdings. According to his finance director, James Chalmers, the king paid £11.7 million in taxes in 2023/24 and more than £30 million since ascending the throne in 2022.
Separately, the monarch receives government funding through the Sovereign Grant, which covers the costs of official duties, including staffing, the upkeep of royal palaces and travel. The grant is set to rise to £137.9 million in 2026/27.
