King Charles and Queen Camilla will not live at Buckingham Palace when £369m of refurbishments are completed next year, the latest royal accounts have revealed.

The palace, which has served as the official London residence of the UK sovereign since 1837, will continue to be the administrative headquarters of the monarchy, but the King has decided that nearby Clarence House will remain his official home.

The decision has been taken to allow greater public access to the landmark, officials said.

A 10-year refurbishment of Buckingham Palace - funded through a temporary increase in the Sovereign Grant which pays for the official duties of the royals - is due to be completed in March.

Ageing cables, lead pipes, wiring and boilers are set to be replaced in the renovation, many for the first time in 60 years, after concerns about potential fire and water damage.

The King and Queen have lived together in Clarence House, which stands beside St James's Palace and was once the Queen Mother's home, since their marriage in 2005.

Now both in their late 70s, it is understood that neither wanted the upheaval of moving themselves and their staff across to Buckingham Palace.

There are also security concerns that if the King were in residence at Buckingham Palace, it would limit the number of visitors and the areas people could view.

The landmark may now also be able to open for longer, generating more income. It currently opens its State Rooms to visitors each summer and on selected dates throughout the rest of the year.

The King will continue to host a range of events at the palace, from state banquets and garden parties to receptions and audiences with the prime minister and new ambassadors.

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

When the King is in London, his Royal Standard flies from both Buckingham Palace and Clarence House.

James Chalmers, keeper of the Privy Purse, said under the plans, the King and Queen would "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".

He added: "This is both a change from the past and a recognition of the future. Let me be clear, however, that in all other ways Buckingham Palace will continue to be both the ceremonial and operational centre of royal life."

The announcement is contained in accounts which show the King has become the first monarch to release their tax payments. They show he was among the UK's top 100 taxpayers in 2024-25, paying £12.9m for the period as well as £11.7m in 2023-24.

The accounts also show a boost in the Sovereign Grant, which provides state funding for the monarchy. A temporary uplift to the core amount of the Sovereign Grant was put in place from 2017 to pay for the overhaul of Buckingham Palace.

As the refurbishments come to an end, the overall level of the grant will fall from £137.9m to £99.9m in 2027-28. But the new figure will be almost double the core grant of £51.8m in 2024-25, and above the core grant of £72.1m in 2025-26.

The uplift will help pay for a backlog in maintenance at occupied royal palaces, strengthen cyber security at royal residences, and for the installation of energy efficient heating systems

Some £11m has also been set aside to replace boilers nearing the end of their life at Windsor Castle.

Not since the reign of Queen Victoria has a monarch chosen to live away from Buckingham Palace.

Shewas the first monarch to use Buckingham Palace as the official seat of court, and after marrying Prince Albert transformed the 775-room building to accommodate their family, entertain guests and conduct official business.

Although following her husband's death, Queen Victoria was absent from Buckingham Palace for long periods of time.

The palace was also closely associated with Queen Elizabeth II, who gave birth to then-Prince Charles and Prince Andrew at the palace, had an apartment in the residence.