King Charles and Queen Camilla will not move into Buckingham Palace when its £369m refurbishment finishes next year, opting to remain at Clarence House, their London residence nearby. The decision, announced by the king's accountant James Chalmers, aims to greatly increase public access to the palace, which will continue as the ceremonial and operational centre of royal life.
Tax and Financial Disclosures
The king paid £12.9m in income and capital gains tax in 2024-25 on his personal income from the privy purse, making him one of the UK's top 100 taxpayers. Prince William paid £7.76m for the same period. Charles became the first monarch to publish his tax bill, having paid over £30m since his accession. There is no legal obligation for the monarch to pay tax, but it has been voluntary since 1993.
Sovereign Grant Increase
The core sovereign grant, public money for official duties, will nearly double from £51.8m in 2024-25 to £99.9m by 2027-28, after a review by the royal trustees: Prime Minister Keir Starmer, Chancellor Rachel Reeves, and James Chalmers. The grant is linked to crown estate profits and will be set at 20.5% for five years from 2027-28.
Criticism and Calls for Transparency
Tax campaigner Dan Neidle described the limited disclosure as a "sideshow", noting nothing is verifiable. Graham Smith of Republic said the grant is "hugely inflated" and called for full public access to Buckingham Palace. Labour peer George Foulkes expressed concern over spending and lack of transparency, suggesting a parliamentary committee to supervise expenditure.
Royal Residences and Access
Buckingham Palace has been a royal residence since Queen Victoria's accession in 1837. Currently, the public can access state rooms seasonally, the East Wing via guided tours, and the King's Gallery and Royal Mews. The king and queen will have private rooms at the palace for daytime use and occasional overnight stays.
Other Financial Details
Charles received £25.2m from the Duchy of Lancaster in 2025-26. No breakdown of his tax bill was given. Prince William will no longer personally benefit from the £1.5m annual rent from Dartmoor prison, with the sum redirected to regenerate Princetown from 2026-27.
