King Charles to avoid Buckingham Palace after £369m refit

King Charles III will not move into Buckingham Palace when its decade-long renovation concludes next year, royal officials announced on Thursday, choosing to remain at his longtime London residence, Clarence House.

The decision means the 775-room palace will operate almost exclusively as a ceremonial and administrative venue rather than a primary home. The building is in the final stages of a massive infrastructure overhaul that began in 2017. The total cost is projected at £369 million (€428.2 million), funded largely by the taxpayer through the Sovereign Grant.

That expenditure covered essential building maintenance, including the replacement of aging electrical wiring, plumbing and heating systems. James Chalmers, the king's treasurer and keeper of the privy purse, defended the building's continued relevance, stating it "is and will remain monarchy HQ, the crown jewel of our national buildings."

Instead of hosting the monarch full-time, the palace will continue to function as the backdrop for state dinners for foreign leaders and office space for the royal bureaucracy. Officials indicated that the 700,000 annual visitors will eventually see greater public access to the building, though specific plans were not detailed.

Alongside the announcement on the palace's future, Charles broke with recent precedent by publishing his personal tax bill for the first time since ascending the throne in 2022. He paid £12.9 million in tax for the 2024/25 financial year, a figure that places him among Britain's top 100 taxpayers. Prince William, the heir to the throne, paid £7.76 million in tax over the same period.

Under British law, the sovereign is legally exempt from income, capital gains and inheritance taxes. However, Charles voluntarily pays tax on his private earnings, continuing a practice established by the late Queen Elizabeth II in 1993.

The monarch's private income, which generates this tax liability, comes from the vast Duchy of Lancaster estate and other investments. This private portfolio has been held by the Crown since 1399 and is entirely distinct from the Sovereign Grant, the public money used to maintain royal properties and fund official travel.

The dual announcements represent a clear effort to impose financial transparency on the monarchy. The institution has faced sustained reputational damage in recent months following embarrassing headlines about Prince Andrew's links to the convicted sex offender Jeffrey Epstein.