King Charles will not live in Buckingham Palace after costly refit, reveals $17 million tax bill

Key Points:

• King Charles will not reside at Buckingham Palace after its £369 million refurbishment completes next year, breaking a nearly 200-year tradition of the palace being the monarch’s primary London residence; he will continue living at Clarence House nearby.
• Buckingham Palace will remain the official headquarters for ceremonial and official royal functions, including hosting foreign dignitaries, and will maintain private rooms for the king's occasional use.
• For the first time, King Charles publicly disclosed his tax payments, revealing he paid £12.9 million in 2024/25 and over £30 million since ascending the throne in 2022, voluntarily continuing a practice started by Queen Elizabeth in 1993.
• The king's income includes £25.2 million from the Duchy of Lancaster estate and other investments, while the Sovereign Grant to fund royal expenses will decrease from £137.9 million in 2026/27 to £100 million in 2027/28, reflecting Charles’s wishes for reduced government funding.
• Greater public access to Buckingham Palace is planned following the refurbishment, although specific details have not yet been announced by royal officials.