King Charles will not be moving into Buckingham Palace after the completion of its 10-year renovation next year, according to an announcement by palace officials, bringing to an end nearly two centuries during which the iconic London building served as the British monarch’s primary residence.

Despite a major £369 million renovation to replace outdated electrical wiring, plumbing, and heating systems, Buckingham Palace will not serve as the king’s primary residence. Charles will continue to reside at Clarence House, his long-time London residence, located a short distance away.

The renovations, which began in 2017, were initially intended to ensure that the palace remained the primary royal residence, as it has been since the time of Queen Victoria. However, according to the King’s Treasurer, James Chalmers, the palace will continue to serve as a center for official and ceremonial events, including state visits.

As he stated, Buckingham Palace will remain “the seat of the monarchy,” with the royal flag flying when the monarch is in London. Neither Charles nor the late Queen Elizabeth had spent the night at the palace since 2019, although private quarters will be maintained for potential stays.

Approximately 700,000 visitors pass through the building each year, with authorities planning to further increase public access, though no further details were provided.

At the same time, it was revealed that Charles paid 12.9 million pounds in taxes for 2024/25, marking the first time these figures have been made public, a fact that ranks him among the 100 largest taxpayers in Britain. The royal family has committed in recent years to greater transparency regarding its finances, amid increased public criticism following the death of Queen Elizabeth in 2022.

Its revenue comes, among other sources, from the Duchy of Lancaster, which generated 25.2 million pounds in 2025/26, as well as from investments and other assets. According to Chalmers, the King’s total tax payments have exceeded 30 million pounds since his accession in 2022, while in 2023/24 they amounted to 11.7 million pounds.

The king also continues to receive the so-called Sovereign Grant, which funds the expenses of the throne and comes from the profits of the Crown Estate, a real estate portfolio whose revenues the monarch transfers to the state treasury in exchange for an annual payment to cover expenses for staff, royal palaces, and travel. This amount has increased significantly in recent years, reaching 132 million pounds in 2025/26 and is projected to reach 137.9 million in 2026/27, before falling to 100 million pounds in 2027/28.

Source: Protothema.gr