Key facts
- King Charles and Queen Camilla will continue to reside at Clarence House.
- Buckingham Palace will undergo extensive renovations costing £369 million.
- The palace will remain the administrative headquarters of the monarchy.
- The decision to not reside at Buckingham Palace is intended to allow greater public access.
- King Charles has become the first monarch to release tax payments, paying £12.9 million in 2024-25.
- The Sovereign Grant will increase to £99.9 million from 2027-28.
King Charles and Queen Camilla have decided not to reside at Buckingham Palace once its extensive £369 million renovation is complete, opting instead to remain at their current London home, Clarence House. This decision is intended to significantly increase opportunities for public access to Buckingham Palace, which will continue to serve as the ceremonial and operational center of royal life.
Buckingham Palace has been a royal residence since 1837. While the King and Queen will not live there, they will have access to private rooms for daytime use and occasional overnight stays. The palace will remain the "monarchy HQ" and the "beating heart of the monarchy."
In parallel, the King's tax payments were revealed, making him the first monarch to publish his tax bill. He paid £12.9 million in income and capital gains tax in 2024-25 on his private income, known as the privy purse, and £11.7 million the previous year. This voluntary tax payment covers private assets including the Balmoral and Sandringham estates, investments, and savings.
The Sovereign Grant, the public funding for the King's official duties, will see a significant increase. From 2027-28, it will be set at £99.9 million annually, up from £51.8 million in 2024-25. This decision was made by the royal trustees.
Additionally, Prince William has requested that the £1.5 million annual rent from the abandoned Dartmoor prison be removed from the Duchy of Cornwall's income from 2026-27. This sum will instead be used for regenerating the nearby community of Princetown.