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The UK fiscal year ends on 5 April each year. The financial year ends on 31 March of each year. Thus, the UK budget for financial year 2021 runs from 1 April 2021 to 31 March 2022 and is often referred to as 2021–22. Historically, the budget was usually released in March, less than one month before the beginning of the new fiscal year.
The current fiscal year was adopted by the colonial British government in 1867 to align India's financial year with that of the British Empire. [ 27 ] [ 28 ] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.
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]
In financial year 2018-19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023-24. HM Treasury controls the overall budget for administration [12] in central government, which largely comprises staff costs. In 2023-24, this totalled £14 billion. [13]
A curious instance of the persistence of the old style is to be found in the date of the financial year of the British Exchequer. Prior to 1752 that year officially commenced on 25th March. In order to ensure that it should always comprise a complete year the commencement of the financial year was altered to the 5th April.
The WWII net losses in British national wealth amounted to 18.6% (£4.595 billion) of the prewar wealth (£24.68 billion), at 1938 prices. [60] After the Second World War, a new Labour government fully nationalised the Bank of England , civil aviation, telephone networks, railways, gas, electricity, and the coal, iron and steel industries ...
In the last year of the reign, returns from these taxes were respectively—land tax (at 2s.), £990,000, customs £1,540,000, excise £986,000, or a total exceeding £3.5 million. The removal of regular export duty applied to domestic woollen manufactures and corn only, both cases additionally being due to special reasons of policy.
The British government budget deficit or surplus is the cash difference between government receipts and spending. The British government debt is rising due to a gap between revenue and expenditure. Total government revenue in the fiscal year 2015/16 was projected to be £673 billion, whereas total expenditure was estimated at £742 billion.