King Charles leaving Buckingham Palace next year? Here's what we know about it

King Charles will not live at 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) refurbishment to replace ageing electrical wiring, pipes and heating systems. The 10-year refurbishment project is expected to be completed by next year.

The London landmark has served as the primary residence of the British monarchs for nearly two centuries, since Queen Victoria became sovereign in 1837.

Buckingham Palace to remain ‘Monarchy HQ’

According to Reuters, the royal officials had expected Buckingham Palace to remain the monarch's primary London residence when the refurbishment started in 2017.

The palace would, however, remain the primary 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 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 the palace since 2019. The king will maintain private rooms there that could be used as accommodation.

Chalmers said public access to the palace will be increased, without providing details. As many as 7,00,000 people visit the landmark every year.

King Charles among Britain’s top 100 taxpayers

King Charles reportedly paid £12.9 million ($17.0 million) in tax in 2024-25, the royal official said. This places him among Britain’s top 100 taxpayers.

It is the first time the figure has been made public. The royal family had promised greater transparency about their finances amid growing scrutiny and criticism since the death of Queen Elizabeth in 2022.

By law, the British king is not obliged to pay income, capital gains or inheritance tax, but Charles has voluntarily done so without disclosing the amounts, as his mother did after 1993.

King Charles, like all monarchs since 1399, gets a private income from the vast Duchy of Lancaster estate — £25.2 million in 2025-26 — as well as from his other holdings and investments.

Chalmers said the king had paid £11.7 million in tax in 2023-24 and more than £30 million in all since becoming king in 2022.

He 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 revenues the monarch surrenders to state coffers in exchange for an annual payment, to pay for staff, royal palaces and travel.

The grant, boosted by soaring profits from the sale of offshore windfarm licences, rose from £86 million in 2024-25 to £132 million the following year and will be £137.9 million in 2026-27.

But Chalmers said it would be cut for the first time in 2027-28 to £100 million, “in line with His Majesty’s clear wishes,” a level it will remain at until 2031-32.

That makes it almost £60 million higher than in 2016, when the funding formula was changed to pay for the Buckingham Palace refit. "This is not a blank cheque," Chalmers said, adding there were safeguards in place to ensure the amount was proportional.

(with Reuters inputs)