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What is the United Kingdom revenue Service?

The HMRC is the British equivalent of the Internal Revenue Service (IRS) in the United States. The HMRC oversees the efficient collection of taxes and the transfer of funds to the Treasury so that revenue for public services is available. The HMRC also educates and informs the public about their tax-paying duties.

How much revenue does UK bring in?

UK government finances While taxes and other sources of income raised approximately 964.8 billion pounds in 2022/23, the UK government expenditure was around 1.1 trillion pounds. This gap between revenue and expenditure was financed via government borrowing, which amounted to 122.4 billion pounds in 2022/23.

What is the revenue of customs in the UK?

Tax revenue from customs duty receipts in the United Kingdom amounted to 5.53 billion British pounds in 2022/23, compared with 4.79 billion pounds in the previous year.

How much of GDP is UK revenue?

Government revenue as a percentage of GDP in the UK 1900-2028. In 2021/22 the government of the United Kingdoms income was the equivalent of approximately 39.3 percent of GDP, compared with 38 percent in the previous finanicial year.

How much revenue does the UK generate?

In 2022/23, UK government raised over 1,017 billion in receipts income from taxes and other sources. This is equivalent to around 40% of the size of the UK economy, as measured by GDP, which is the highest level since the 1980s.

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