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In October 2021, the UK government's Office of Budget Responsibility calculated that Brexit would cost 4% of GDP per annum over the long term. [51] 4% of 2021 UK GDP is the equivalent of a £32 billion cost per annum to the UK taxpayer. [52] After rebates, the UK's EU membership fee in 2018 was £13.2 billion. [53]
The UK rebate (or UK correction) was a financial mechanism that reduced the United Kingdom's contribution to the EU budget in effect since 1985. It was a complex calculation which equated to a reduction of approximately 66% of the UK's net contribution – the amount paid by the UK into the EU budget less receipts from the EU budget.
For the financial year 2023–24, total government spending is expected to be £1,189 billion. [2] The UK government has spent more than it has raised in taxation since financial year 2001–02, [3] creating a budget deficit and leading to growing debt interest payments.
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Around 2,300 tax compliance staff – nearly a tenth of that workforce – were redeployed in 2021-22.
From December 2020, the payments accrue twice a year. By 31 December 2023, the UK had paid a net amount of £23.8 billion, leaving an estimated £6.4 billion outstanding. A further £2.4 billion was due to have been paid by May 2024 with the remaining £4.0 billion being payable up until 2065. [3]
The tax year is sometimes also called the "fiscal year". A company's accounting year, which has some relevance for corporation tax purposes, can be chosen by the company and often runs from 1 April to 31 March, in line with the fiscal year. The British personal tax year runs from 6 to 5 April in the following year. [32]