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Finance Act 2012

Background Note

3.HMRC may only incur expenditure where there is statutory cover to do so.  In the case of existing taxes, the statutory cover has already been granted.

4.In the case of new taxes, HMRC must receive statutory cover in order to incur expenditure for the introduction of a new tax prior to it coming into force.

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Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.


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