As per Statista, taxpayers in the United Kingdom are paying more money than ever for the Royal Family. The latest Sovereign Grant accounts show that the monarchy cost £69.4 million in 2020. In a nutshell, the complicated system of funding the monarchy works when the UK government makes a payment called the Sovereign Grant to the Royal Household every year. Its value is determined by how much money the Crown Estate real estate portfolio has brought in.
That total added up to £82.4 million in 2020 with the figure rising in recent years to cover renovation work at Buckingham Palace. Of that total, the monarchy spent £69.4 million on official duties including travel as well as other costs such as staff and property maintenance. Maintenance and the renovation of Buckingham Palace are the key reasons the total is so high currently.
 
Source: Statista