London, UK – This hasn't happened since Queen Victoria: King Charles does not want to live in Buckingham Palace, and that's despite the palace being renovated in recent years for nearly $500 million!

The neoclassical landmark in the heart of London is set to be used for ceremonial purposes such as state banquets, receptions, or investitures after the renovation is completed next year, rather than hosting the 77-year-old monarch.

Charles and his wife, Queen Camila, will continue to live at Clarence House, where they have resided since 2005.

This news comes according to this year's Sovereign Grant financial report – the public fund that covers royal expenses.

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With the construction work finished, the royal family's budget will also shrink, the report adds.

Accordingly, the Sovereign Grant is expected to fall over the next five years from just over $175 million to around $132 million.

Looking at Charles' personal tax return reveals that the king voluntarily paid around $17 million in taxes for the 2024-25 tax year. Since ascending the throne in 2022, he has contributed nearly $40 million to the Treasury.

The disclosures marked a historic moment of transparency for the British royal family, as Charles is now the first monarch to disclose his personal tax bill.