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UK rebate
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.[1][2] Based on a net contribution of €11.7 (£9.6) billion in 2016, the UK Treasury estimated the 2017 rebate amounted to €6.6 (£5.6) billion reducing the ultimate UK contribution for the 2017 budget to €10.4 (£8.9) billion.[1][3] Although the rebate was not set in the EU treaties, it was negotiated as part of the Multiannual Financial Framework (MFF) every seven years and had to be unanimously agreed.[4]
- ^ a b Chief Secretary to the Treasury (1 March 2018). "European Union Finances 2017: statement on the 2017 EU Budget and measures to counter fraud and financial mismanagement" (PDF). United Kingdom Her Majesty’s Treasury.
- ^ "85/257/EEC, Euratom: Council Decision of 7 May 1985 on the Communities' system of own resources". EUR-Lex. Retrieved 14 May 2016.
- ^ "European Union Finances 2015: statement on the 2015 EU Budget and measures to counter fraud and financial mismanagement" (PDF). HM Treasury. Retrieved 14 May 2016.
- ^ "Reality Check: How vulnerable is the UK's rebate?". BBC News. 19 April 2016. Retrieved 14 May 2016.
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