The decision comes as the £369 million ($487 million) restoration of Buckingham Palace nears completion next year. Officials said the palace will continue to host state occasions, official engagements and royal administrative functions, but Charles and Queen Camilla will maintain their residence at nearby Clarence House for the remainder of the King’s reign.

“It is and will remain Monarchy HQ, the crown jewel of our national buildings,” James Chalmers, the senior royal official responsible for managing the King’s financial affairs, said during a briefing on the royal finances.

The move is expected to allow greater public access to Buckingham Palace, with plans to expand visitor numbers, tours and public events. The palace, originally built in the 1820s and home to every British monarch since Queen Victoria, currently receives around 700,000 visitors annually.

The refurbishment project, launched in 2017, was undertaken to replace aging plumbing, electrical wiring and heating systems while preserving the historic structure for future generations.

The announcement coincided with an unprecedented disclosure of the King’s personal tax payments. Charles became the first reigning British monarch to publicly reveal his tax contributions, paying £12.9 million ($16.1 million) in income and capital gains taxes during the 2024-25 financial year, compared with £11.7 million a year earlier.

Prince William, the Prince of Wales, also released his tax details, showing payments of £7.76 million in income and capital gains taxes for the same period, down from £8.34 million the previous year.

Royal officials said the disclosures reflect the monarchy’s commitment to greater transparency. Under Britain’s constitutional arrangements, the monarch is not legally required to publish personal tax information, although Charles had voluntarily released such details while serving as Prince of Wales.

The announcements come as the royal household seeks to reinforce public confidence following renewed scrutiny surrounding Prince Andrew’s association with convicted sex offender Jeffrey Epstein. Officials did not directly link the financial disclosures to those events but emphasized the monarchy’s commitment to openness.

Buckingham Palace will continue to function as the focal point for state ceremonies, diplomatic receptions and major national events while expanding its role as a public heritage attraction.