King and Queen will not live at Buckingham Palace

For almost 200 years the iconic Buckingham Palace has been the official residence of the monarch, however on Thursday the Palace confirmed that is no longer the case and it will remain the King’s ‘office’, ITV News Correspondent Geraint Vincent reports

The King and Queen will not use Buckingham Palace as their personal residence, it was revealed as royal accounts were published on Thursday.

The historic building has been the official London residence of the Sovereign since 1837, when Queen Victoria was on the throne.

It is currently undergoing a major £369 million re-servicing programme to upgrade and preserve it.

The works, funded by a temporary uplift in the Sovereign Grant, started in 2017 and are set to be completed in 2027.

However, once finished, the King and Queen will not live at Buckingham Palace but continue to use Clarence House as their London home.

Members of the Royal Family on the balcony of Buckingham Palace during the Trooping the Colour ceremony. / Credit: PA

There were assurances it will continue to be “the beating heart of the Monarchy”.

James Chalmers, Keeper of the Privy Purse, said: “This is both a change from the past and a recognition of the future.

“Let me be clear, however, that in all other ways Buckingham Palace will continue to be both the ceremonial and operational centre of Royal life.

“It is and will remain Monarchy HQ, the Crown Jewel of our national buildings, with the Sovereign’s standard flying proudly from the roof whenever His Majesty is in London, just as it has done since Accession.

“The Palace will also continue as the primary workplace of the Royal Household.”

The King and Queen will have access to private rooms within Buckingham Palace, where they can retire during the day, and which could be used as residential accommodation in the future.

Queen Elizabeth II was the last monarch to stay overnight at Buckingham Palace in March 2020, before she left for Windsor Castle to isolate during the Covid 19 pandemic.

In another change, the King has made history by becoming the first monarch to release his total personal tax payment in a bid to ensure more transparency around royal finances.

Charles voluntarily pays income tax on his private income and capital gains tax on relevant elements of his assets.

Mr Chalmers said: “When Prince of Wales, His Majesty disclosed his tax, and he has asked that we make public his combined income and capital gains tax payments as king.

“Today I can share with you that His Majesty’s tax payable for 2024-25 was £12.9 million.

“If annual media league tables are to be believed on such matters, that places His Majesty among the top 100 taxpayers in the country for that year.”

Private income is a combination of the income from the Duchy of Lancaster, his own personal investment portfolio and his estates.

Prince William has followed suit and also revealed his tax bill for the first time.

William receives an income from the Duchy of Cornwall, a hereditary estate featuring The Oval cricket ground and providing the heir to the throne with funds, independent of the Monarch.

He pays tax voluntarily on income that is not used to meet official expenditure.

During the 2024-25 financial year, his tax bill was £7.76 million in income and capital gains tax and was £8.34 million in 2023-24.