King Charles will not move into Buckingham Palace.

The news was announced on Friday, June 26, 2026, at 7:00 am.

King Charles pays income and capital gains tax even though he doesn't have to.

Here's a short summary:

A new royal financial statement says the monarchy's public funding will be cut soon.

It also says King Charles and Queen Camilla won't move into Buckingham Palace, which is a big change from tradition.

The statement showed how much tax the monarch paid last year for the first time.

King Charles and Queen Camilla won't move into Buckingham Palace when the renovations are finished next year.

King Charles is the first British monarch to not use Buckingham Palace as his official home since Queen Victoria in 1837.

A palace spokesperson said King Charles still loves Buckingham Palace and respects its role in royal life.

Buckingham Palace has been the official home of the British royals for 188 years, but it's never been their favorite.

King Charles and Queen Camilla live in Clarence House, which is smaller and more comfortable for them.

Buckingham Palace has been renovated over the past decade, costing around 369 million pounds.

The palace is known around the world as the home of the British royals, even though Queen Elizabeth II moved out during the COVID pandemic.

A royal commentator said King Charles has always felt that Clarence House is his true home.

The commentator also said King Charles wants to keep Buckingham Palace as his office.

Buckingham Palace has been renovated for ten years.

The king and queen's decision was announced in the palace's annual financial statement on Thursday.

The statement showed that King Charles paid 12.9 million pounds in tax in the 2024-2025 financial year.

This means King Charles is one of the top taxpayers in the UK, but he still pays less than some business executives and celebrities.

For example, author JK Rowling paid around 47.5 million pounds in tax, and singer Harry Styles paid 24.7 million pounds.

Under UK law, monarchs don't have to pay income tax or capital gains tax, but Queen Elizabeth II started paying them voluntarily in 1992.

King Charles has continued this tradition and also released his tax bill.

When he was the Prince of Wales, Charles also shared details of his tax affairs.

The financial statement showed that King Charles has paid over 30 million pounds in tax since becoming king.

King Charles and Queen Camilla attended the opening of parliament in May.

The monarchy's public funding will be cut soon.

The royal family's finances have been under scrutiny in the UK recently.

There have been scandals involving Prince Andrew, which have put the family's dealings under a microscope.

Prince Andrew is under pressure to give up his mansion on the grounds of Windsor Castle.

The financial disclosure document also revealed that the Sovereign Grant will decrease for the first time since it started in 2012.

The Sovereign Grant pays for the monarchy's official duties and will be 137.9 million pounds in the 2026-2027 financial year.

The payment has increased over the past decade to fund the renovations to Buckingham Palace.

However, the annual payment will be cut to 99.9 million pounds from next year until 2032.

The Sovereign Grant is calculated as a percentage of the net profits generated by the Crown Estate.

The Crown Estate's profits have increased due to offshore wind farm deals.

Any money the Crown Estate makes goes directly to the UK Treasury.

The royal family argues that it pays for itself through the Crown Estate.

The Keeper of the Privy Purse said the royal finances are clear in principle and refined over time.

The Sovereign Grant was introduced to combine multiple methods of funding the monarchy.

Aside from the Sovereign Grant, the royal family has other income streams.

The monarch receives money from a privately managed investment portfolio called the Duchy of Lancaster.

The Duchy of Lancaster generated a net profit of 24.4 million pounds in 2024-2025.

The royal family also owns properties like Sandringham House and Balmoral Castle.

More details of the royal family's finances will be released later.

The news was announced on Friday, June 26, 2026, at 7:00 am.

The news was updated on Friday, June 26, 2026, at 9:20 am.

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