King Charles III to forgo Buckingham Palace residence post-renovation

Buckingham Palace will not be King Charles III's future residence following its extensive renovation. The monarch and Queen Camilla will continue to live at their nearby home, Clarence House, the Royal Household announced Thursday.

The palace, which has been undergoing a decade-long refurbishment, will remain the "principal operational base" of the monarchy and a "jewel in the nation's crown." King Charles has been working at the palace throughout the renovation and it will continue to host state visits. He has resided at Clarence House since 2003, even before inheriting the throne after his mother Queen Elizabeth II's 70-year reign ended in September 2022.

The £369 million ($428 million euros) renovation project is primarily an update of the building's essential services, including heating, water, ventilation, and electrical systems, which had not been comprehensively upgraded since the 1950s. The Royal Household has pledged to make the palace more accessible to the public, which already attracts around 700,000 visitors annually.

In parallel with the housing news, the palace released the King's tax details for the first time. Charles paid £12.9 million in taxes for the 2024-2025 accounting year, placing him among the UK's top 100 taxpayers. Although British monarchs are not legally required to pay income or inheritance tax, Charles voluntarily began paying taxes in 1993, following his mother's precedent. His income is derived from the Crown's vast property holdings, generating £25.2 million in the 2025-2026 accounting year. Additionally, he receives a Sovereign Grant for staff, property, and travel expenses, which is set to decrease from £137.6 million in 2026-2027 to £100 million annually thereafter, as per the King's "expressed wish."