Commissioners for Revenue and Customs Act 2005

Commissioners for Revenue and Customs Act 2005

2005 CHAPTER 11

Commentary on Clauses

Section 46: Accounts

265. This section places a requirement upon the Commissioners to place accounts before the Comptroller and Auditor General – a House of Commons office holder, and head of the National Audit Office.

266. Subsection (1) covers accounting for the revenues (i.e. money) received and paid out by the Commissioners (this requirement relates to revenues and not to departmental resources). Each day, the Commissioners must send the Comptroller & Auditor General accounts showing how much they have received in revenues, and what they have done with that money. The Treasury will issue a direction to the Commissioners specifying the form that these accounts are to take.

267. Subsection (2) covers property received in lieu of money (which would therefore fall outside the scope of subsection (1), as no revenue would be received), and requires the Commissioners to account for the liabilities satisfied by the acceptance of this property at such times as the Treasury directs. The Treasury direction will also stipulate the form that the accounts should take. This requirement specifically covers Heritage Assets received in lieu of inheritance tax under the Conditional Exemption Tax Incentive scheme, but paragraph (b) ensures that any other enactment permitting the satisfaction of tax liabilities by property is also covered by this accounting requirement.