King Charles and Queen Camilla to Forgo Buckingham Palace Residence
WHO:
CNN - King Charles and Queen Camilla
CNN - James Chalmers, the king’s treasurer and keeper of the privy purse
CNN - Prince William, heir to the throne
WHAT:
CNN - King Charles will continue living at Clarence House after the £369 million refurbishment of Buckingham Palace concludes next year.
CNN - King Charles paid £12.9 million ($17.04 million) in tax in 2024/25, marking the first public disclosure of this figure.
CNN - The Sovereign Grant will be cut to £100 million in 2027/28, a reduction that will remain until 2031/32.
CNN - King Charles has paid more than £30 million in taxes since becoming king in 2022.
CNN - The king receives a private income from the Duchy of Lancaster estate amounting to £25.2 million in 2025/26.
CNN - King Charles paid £11.7 million in tax in 2023/24.
CNN - King Charles receives a private income from the Duchy of Lancaster estate amounting to £25.2 million in 2025/26.
CNN - The Sovereign Grant will be cut to £100 million in 2027/28 and will remain at that level until 2031/32.
CNN - The Sovereign Grant amount for 2026/27 will be £137.9 million.
CNN - King Charles will not live at Buckingham Palace after its refurbishment finishes next year.
CNN - King Charles paid £12.9 million ($17.04 million) in tax in 2024/25.
CNN - The refurbishment of Buckingham Palace costs £369 million and includes replacing electrical wiring, pipes, and heating.
CNN - King Charles will maintain private rooms at Buckingham Palace that could be used as accommodation.
CNN - The Sovereign Grant amount will be £137.9 million in 2026/27.
CNN - Prince William paid £7.76 million in tax in 2024/25.
WHERE:
CNN - Buckingham Palace, central London
CNN - Clarence House, King Charles's longstanding London home
WHEN:
CNN - The refurbishment of Buckingham Palace is expected to conclude next year.
CNN - The Sovereign Grant will be cut to £100 million in 2027/28 and will remain at that level until 2031/32.
CNN - King Charles has paid more than £30 million in taxes since becoming king in 2022.
WHY:
CNN - The decision to not live at Buckingham Palace is part of a move towards greater transparency about royal finances amid criticism following the death of Queen Elizabeth in 2022.
CNN - The cut in the Sovereign Grant is in line with King Charles's clear wishes.
CNN - The decision to not live at Buckingham Palace is part of a move towards greater transparency about royal finances amid criticism following the death of Queen Elizabeth in 2022.
CNN - The cut in the Sovereign Grant is in line with King Charles's clear wishes.
HOW:
CNN - King Charles voluntarily pays income, capital gains, and inheritance tax, despite not being legally obliged to do so.
(UPDATED June 26, 2026 15:45 UTC)
King Charles will continue to reside at Clarence House after the £369 million refurbishment of Buckingham Palace wraps up next year, reflecting a shift towards greater transparency about royal finances. In a notable disclosure, he paid £12.9 million in tax during the 2024/25 fiscal year, bringing his total tax contributions to over £30 million since ascending the throne in 2022. Additionally, the Sovereign Grant is set to be reduced to £100 million in 2027/28, with this cut remaining in place until 2031/32.
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(UPDATED June 26, 2026 10:09 UTC)
King Charles paid £11.7 million in tax for the 2023/24 period and is set to receive a private income of £25.2 million from the Duchy of Lancaster estate in 2025/26. The Sovereign Grant will be reduced to £100 million starting in 2027/28 and will remain at that level until 2031/32, with the amount for 2026/27 set at £137.9 million. This reduction in the Sovereign Grant aligns with King Charles's clear wishes for the monarchy's financial management.
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(UPDATED June 26, 2026 04:25 UTC)
King Charles has announced that he will not reside at Buckingham Palace after its refurbishment wraps up next year, a decision aimed at enhancing transparency regarding royal finances in light of recent criticism. The refurbishment, which is set to cost £369 million, includes significant upgrades like replacing electrical wiring and heating, while King Charles will keep private rooms at the palace for accommodation. In related news, the Sovereign Grant is expected to be £137.9 million for 2026/27, but will be reduced to £100 million in 2027/28, reflecting King Charles's commitment to fiscal responsibility.