3 min readJun 26, 2026 02:34 PM IST
As the refurbishment of Buckingham Palace nears completion, royal officials have said that King Charles will not move into the palace, bringing to an end nearly two centuries of the central London landmark serving as the British monarch’s primary residence.
The 10-year refurbishment project, which began in 2017, is due to be completed next year. The £369 million overhaul includes replacing ageing electrical wiring, pipes and heating systems, Reuters reported.
When the work began, officials had expected Buckingham Palace to continue as the monarch’s primary London residence, a role it has held since Queen Victoria became sovereign in 1837.
Instead, Charles has decided to remain at Clarence House, his longtime London residence located nearby, even after the refurbishment is complete.
James Chalmers, the king’s treasurer and keeper of the privy purse, said Buckingham Palace would continue to host ceremonial and official engagements, 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 Charles nor the late Queen Elizabeth had stayed overnight at Buckingham Palace since 2019. However, the king will retain private rooms there that can be used as accommodation.
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Monarchs and taxes
Under British law, the monarch is not required to pay income, capital gains or inheritance tax. However, like Queen Elizabeth after 1993, Charles has voluntarily paid these taxes, though the amounts have not been publicly disclosed.
Like all monarchs, Charles also receives a private income from the Duchy of Lancaster estate, which generated £25.2 million in 2025-26, in addition to earnings from his other holdings and investments.
Chalmers said the king paid £11.7 million in tax in 2023-24 and more than £30 million in taxes since ascending the throne in 2022.
Officials also revealed that Charles paid £12.9 million ($17.04 million) in tax in 2024-25—the first time this figure has been made public—placing him among Britain’s top 100 taxpayers.
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Prince William, the heir to the throne, paid £7.76 million in tax in 2024-25 and directed that £1.5 million in rent from a closed prison be returned to the local community, his office said. Both William and Charles have faced criticism over claims that they profit from charging rent to the army, the health service and schools.
The royal family has pledged greater transparency over its finances amid growing scrutiny following the death of Queen Elizabeth in 2022.
