King Charles will not reside at Buckingham Palace after its 10-year refurbishment concludes next year. This decision ends nearly two centuries of the palace serving as the British monarch’s primary residence.
In 2024/25, King Charles paid £12.9 million ($17.04 million) in tax, marking his first public disclosure and placing him among Britain’s top 100 taxpayers. The refurbishment project includes replacing outdated electrical wiring, pipes, and heating systems.
King Charles will continue living at Clarence House, a London residence he has long favored. James Chalmers, the king’s treasurer, stated that Buckingham Palace would remain the primary venue for ceremonial and official functions, including receiving foreign dignitaries.
The refurbishment project began in 2017 with expectations that the palace would remain the monarch’s primary London residence. However, Charles decided to move out when the work is completed next year.
The British king is not legally required to pay income, capital gains, or inheritance tax, but Charles has voluntarily paid these taxes without disclosing amounts. He receives a private income from the Duchy of Lancaster estate and other holdings, totaling £25.2 million in 2025/26.
Chalmers revealed that the Sovereign Grant funding will be reduced to £100 million for 2027/28, down from £137.9 million previously. This reduction is intended to align with King Charles’s wishes and remain stable until 2031/32.
Prince William paid £7.76 million in tax for 2024/25 and allocated £1.5 million of a closed prison’s rent to the local community. Both he and Charles have faced criticism over their income from charging various entities, including the army, health service, and schools, rent.