Money (section 43 to 47)
28.HMRC is funded by monies voted by Parliament. The Commissioners pay all money received on account of taxes, duties etc. into the Consolidated Fund, other than money that is required by law to be otherwise accounted for e.g. National Insurance Contributions, Student Loan repayments and National Minimum Wage fines. They may deduct disbursements from payments into the Fund, in particular for tax credits and tax (mainly VAT) repayments. Where it is likely that the amount of such disbursement and other contributions will exceed HMRC’s receipts, the Treasury may make payments to the Commissioners out of the Consolidated Fund, such payments being subject to oversight by the Comptroller and Auditor General. The Commissioners must send daily accounts of the monies they receive, and the disposal of those monies, to the Comptroller and Auditor General.
Transfer of property etc; transitional arrangements and consequential amendments and repeals. (Sections 48, 50, 52, 54 and 55; Schedules 4 and 5)
29.The Act made provision for the effective transfer of Customs and Excise and Inland Revenue property, rights and liabilities etc. to HMRC. Transitional provisions ensured that all the authorisations, decisions, and actions that were valid within the two predecessor departments continued in the new department. Consequential amendments were made to other enactments, and section 50(4) also provides for further consequential amendments to be made through Treasury regulations. Obsolete provisions were repealed.
