Charles III will not live at Buckingham Palace after the completion of a 10-year, 369-million-pound ($692 million Cdn) refurbishment program as the monarchy seeks to increase public access to the historic building that has been the centre of royal life for almost 200 years.

The decision was announced Thursday during a briefing on royal finances at which Charles became the first British monarch to reveal the taxes he paid to the government.

After expensive revamp, monarch to keep palace as office while opening doors to paying visitors