London, June 13, 2026: The Royal Air Force flies over Buckingham Palace during “Trooping The Color”, the birthday parade for King Charles III.
Image: keystone
Buckingham Palace in London was extensively renovated for hundreds of millions. Now the royal residence could be inhabited again. But King Charles III. has other plans.
June 26, 2026, 11:27 amJune 26, 2026, 11:30 a.m
Buckingham Palace has been the symbol of the British monarchy since Queen Victoria. Charles’ grandparents even stayed there during the German bombardment in World War II.
But King Charles III. no longer wants to live in the magnificent classicist building in London. And this despite the fact that the castle has been extensively renovated in recent years.
As shown in this year’s financial report from the Sovereign Grant, the government’s pot for the royals’ expenses, Buckingham Palace will be used for ceremonial purposes after the renovation is completed next year. There will continue to be state banquets, receptions for ambassadors and other dignitaries as well as medal ceremonies. Unlike Queen Elizabeth II, the castle will no longer be an actual residence.
With the end of the construction work, the Royals’ budget will also become smaller, as the report continues. The Sovereign Grant will therefore shrink in the next five years from just over 132 million pounds (141 million CHF) to 99.9 million pounds (almost 107 million CHF) – after previously growing significantly. Furthermore, a large part of it will go to maintaining the royal real estate.
King Charles and his wife, Queen Camilla, have long lived next door at Clarence House. After the Queen Mum’s death in 2002, they had it decorated to their liking – and later stuck to it. In Buckingham Palace they will continue to have private rooms that a future royal couple can live in again, the British news agency PA quoted royal treasurer James Chalmers, the “Keeper of the Privy Purse”, as saying.
London tourists can be happy because, as the financial report also shows, the palace is to be made even more accessible to visitors.
Private taxes of a monarch published for the first time
This year, King Charles also became the first British monarch to disclose his personal tax payments. The move is part of a broader strategy to provide greater transparency to the public. Since becoming king following the death of Queen Elizabeth II in 2022, Charles III has paid. therefore more than 30 million pounds in taxes.
The King’s sources of private income include returns from investments and income from his private estates such as Balmoral in Scotland. The Duchy of Lancaster also provides the monarch with an income year after year. This is a private portfolio of land ownership, real estate and investments.
Charles voluntarily pays income and capital gains tax. This is set out in the so-called Memorandum of Understanding on Royal Taxation 2023, which was agreed with the government. (sda/dpa)