King Charles III will not live at Buckingham Palace after £369 million refurbishment, reveals tax payments in historic first

In an unprecedented move, King Charles III has disclosed his personal tax payments, revealing he paid £12.9 million for the 2024-25 financial year, placing him among the UK's top 100 taxpayers. Alongside this historic disclosure, royal officials announced that the King and Queen Camilla will not move into Buckingham Palace after its £369 million refurbishment is completed in 2027, choosing instead to remain at Clarence House to allow for greater public access. These announcements come as the royal family faces intense pressure to increase financial transparency following scandals involving Andrew Mountbatten-Windsor.

King Charles tax payment disclosure

• ▪King Charles III paid £12.9 million in income and capital gains taxes for the 2024-25 financial year, up from £11.7 million the previous year
• ▪King Charles III has paid more than £30 million in total taxes since ascending the British throne in September 2022
• ▪Prince William paid £7.76 million in income and capital gains taxes for the 2024-25 tax year, down from £8.34 million the previous year

Sovereign Grant funding changes

• ▪The Sovereign Grant for the 2026-27 financial year is set at £137.9 million, which includes funding for the final year of Buckingham Palace renovations
• ▪The core Sovereign Grant funding for the Royal Household will increase to £99.9 million annually for five years starting in the 2027-28 financial year

Buckingham Palace residence decision

• ▪The decision to remain at Clarence House is intended to allow Buckingham Palace to increase public access, host more events, and expand visitor tours
• ▪Buckingham Palace will remain the ceremonial and operational headquarters of the British monarchy, and King Charles III will maintain private rooms there
• ▪King Charles III and Queen Camilla will not move into Buckingham Palace after its £369 million refurbishment is completed in 2027, choosing to remain at Clarence House

Royal financial transparency pressure

• ▪The unprecedented release of royal tax details comes amid public pressure for financial transparency following scandals involving Andrew Mountbatten-Windsor
• ▪Green Party MP Sian Berry is preparing a Freedom of Information amendment to bring the King, the Royal Household, and the royal duchies under disclosure laws

Andrew Mountbatten-Windsor lease controversy

• ▪Prince William will stop personally benefiting from £1.5 million in annual rent from the closed Dartmoor prison, redirecting the funds to the local Princetown community
• ▪The UK Parliament's Public Accounts Committee is preparing an inquiry into Andrew Mountbatten-Windsor's nominal peppercorn rent lease of the 30-room Royal Lodge