Buckingham Palace refurbishment will cost £370m - but King won't live there

The Royal Family has released new documents disclosing details of their financial affairs, including the £370m price tag for the renovation of Buckingham Palace.

Despite the lavish refurbishment, King Charles and Queen Camila will reside at Clarence House instead of the London landmark, which will instead remain the operational centre of "monarchy HQ".

This decision was made partly to increase the public's access to the popular London landmark, as if the King lived at the palace security concerns would limit the numbers and areas guests would be allowed to visit.

The document reveal the Royal Family had spent £3,316,024 on trips that cost less than £20,000, including 177 journeys by helicopter (£733,063), 60 by charter flight (£837,998), other scheduled flights (£219,819) and rail trips (£85,279).

See the list of royal trips costing more than £20,000 below.

The disclosure comes as the King publicly releases details of his personal tax affairs as part of an effort to increase transparency in a first for a British monarch.

The documents also outline the cost of domestic and international travel undertaken by members of the Royal Family to the year ending 31 March 2026. But they only include details of trips that cost more than £20,000.

The Prince of Wales's three-day visit to Saudi Arabia in February was the most expensive at £130,106. The figure also includes a staff planning trip.

One journey on the royal train to Lancaster in June 2025 cost £48,460.

The release also includes the cost of smaller trips, such as journeys the King takes between his residences, which can cost as much as £24,000.

His payment of £12.9m for the 2024-25 tax year puts him among the country's top 100 taxpayers that financial year, with £11.7m for 2023-24 and more than £30m in total paid in tax by Charles since becoming King in 2022.

The Prince of Wales released his tax details for the first time paying £7.76m in income and capital gains tax in 2024-25, and £8.34m in 2023-24.

The Sovereign Grant, which funds Charles's official duties and the work of his household, increased by £45.8m to £132.1m in 2025-26.

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James Chalmers, Keeper of the Privy Purse and Treasurer to the King, said: "I can update you that after careful consideration, and to greatly increase opportunities for public access, the King and Queen have decided not to adopt Buckingham Palace as a personal residence and will instead continue to use Clarence House as their London home.

"Their Majesties will, however, have access to private rooms within the palace where they can retire during the course of a working day, and which could be utilised as potential residential accommodation in times ahead."

Queen Victoria was the first monarch to use Buckingham Palace as the official seat of court in 1837 and after marrying Prince Albert transformed the palace to accommodate their growing family, entertain guests and conduct official business.

A Buckingham Palace spokesperson said: "His Majesty retains huge affection for Buckingham Palace and a deep respect for its role in royal and public life. It will be a buzzing hive of royal activity in every other way".

The large London building has been undergoing a 10-year reservicing project replacing boilers, electrical cables and pipes costing £369m to reduce the fire and flood risk which is due to be completed next March.

See details of the trips in the table below.

(c) Sky News 2026: Buckingham Palace refurbishment will cost £370m - but King won't live there