King Charles will not move into Buckingham Palace when its decade-long renovation is completed next year, palace officials have confirmed, ending nearly two centuries in which the London landmark served as the British monarch’s main residence.

Despite the £369 million refurbishment of the palace’s ageing electrical, plumbing and heating systems, Charles will continue to live at Clarence House, his long-time London home nearby.

The works began in 2017 and were originally intended to secure Buckingham Palace’s future as the monarch’s principal residence, a role it has held since Queen Victoria’s reign. However, the King’s Treasurer, James Chalmers, said the palace would remain the centre of official and ceremonial royal life, including state visits.

Buckingham Palace will continue to be regarded as “the seat of the monarchy”, with the royal standard flying when the King is in London. Neither Charles nor the late Queen Elizabeth II has stayed overnight there since 2019, though private apartments will be maintained for occasional use.

Around 700,000 people visit the palace each year, and officials are planning to expand public access, though further details have not yet been announced.

The announcement came alongside new financial disclosures showing that King Charles paid £12.9 million in tax for 2024/25 — the first time such figures have been made public. The amount places him among Britain’s 100 largest taxpayers and forms part of a wider push for royal financial transparency since Queen Elizabeth II’s death in 2022.

The King’s income includes revenue from the Duchy of Lancaster, which generated £25.2 million in 2025/26, as well as investments and other assets. According to Chalmers, Charles has paid more than £30 million in tax since becoming king in 2022, including £11.7 million in 2023/24.

He also continues to receive the Sovereign Grant, which funds the monarchy’s official duties and is drawn from Crown Estate profits handed to the Treasury in exchange for an annual payment. The grant is set at £132 million for 2025/26, rising to £137.9 million in 2026/27 before falling to £100 million in 2027/28.