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King Charles III will reportedly not move into Buckingham Palace once its £369 million refurbishment is completed next spring, despite earlier expectations that it would become his official London residence.
According to the latest royal financial reports, the King and Camilla, Queen Consort will continue living at Clarence House after the decade-long renovation project at Buckingham Palace concludes in March 2027.
Meanwhile, Prince William and Catherine, Princess of Wales are also not expected to move into the 775-room palace, with their home at Adelaide Cottage understood to be their long-term family residence.
Although Buckingham Palace will no longer serve as a full-time royal home, it will remain the symbolic and operational centre of the monarchy, continuing to host state banquets, investitures, garden parties and other major royal events.
Royal commentator Phil Dampier described the decision as a “big mistake”, arguing that the public may question the substantial cost of the refurbishment if no senior royals live there permanently. He also suggested the palace could increasingly be viewed as a museum rather than a working royal residence.
However, a palace spokesperson sought to downplay concerns, saying: “The Palace will continue in every traditional way to be the beating heart of the Monarchy, just not its resting head.”
In a historic first, King Charles III and Prince William have publicly disclosed details of their personal tax payments as part of a wider effort to increase transparency and accountability surrounding royal finances.
Buckingham Palace confirmed that the King paid £12.9 million in income tax and capital gains tax during the 2024–25 financial year. The payments were made on income generated from the Duchy of Lancaster, as well as other private assets, including Balmoral Castle, Sandringham House and personal investments.
The disclosure places Charles among the UK’s highest taxpayers for that year.
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During the same period, Prince William paid £7.76 million in income tax on the surplus generated by the Duchy of Cornwall, which provides independent funding for the households and official work of the Prince and Princess of Wales. He also paid capital gains tax on his private investments.
The move is part of an ongoing drive by the Royal Household to provide greater openness about royal finances and modernise the institution.
During the 2023–24 financial year, King Charles III paid £11.7 million in tax to HMRC and has contributed more than £30 million in total since ascending the throne in September 2022.
Over the same period, Prince William paid £8.34 million in tax and has contributed more than £20 million since his father became monarch.
Combined, father and son have paid more than £50 million to HMRC since Charles’s accession.
Both Buckingham Palace and Kensington Palace have confirmed that details of their annual tax payments will continue to be published, with the figures independently reviewed by tax accountants.
Sources close to the King described the decision as “another step forward in the evolution and modernisation” of the monarchy, reflecting a recognition within the Royal Household that there is now “a premium on transparency.”
The move comes amid increased scrutiny of royal finances, particularly following controversy surrounding Prince Andrew, Duke of York and questions over accommodation arrangements involving his daughters, Princess Beatrice and Princess Eugenie.
The financial report released on Thursday revealed that the Royal Household generated £3.9 million in rental income during the 2025–26 financial year, a figure that includes rent paid for accommodation used by Princess Beatrice and Princess Eugenie. However, the exact amount attributable to the sisters has not been made public.
Attention is now likely to turn once again to royal living arrangements following confirmation that King Charles III and Camilla, Queen Consort will continue living at Clarence House rather than moving into Buckingham Palace after its refurbishment is completed.
Located beside St James’s Palace and just a short distance from Buckingham Palace, Clarence House has served as the King’s London residence since 2003, when he inherited it from Queen Elizabeth The Queen Mother.
Many royal supporters may be disappointed by the decision, particularly as Prince William has also shown little interest in making Buckingham Palace his home when he eventually becomes king, raising questions about whether future monarchs will ever live there again.
Buckingham Palace has been the official residence of British monarchs since 1837. However, it has not been used as a full-time royal home for more than six years. Queen Elizabeth II left the palace in March 2020 at the start of the COVID-19 pandemic and, due to declining health, never returned to reside there permanently.
Official records indicate that the late Queen’s final overnight stay at Buckingham Palace took place on 18 March 2020.
