Destination of revenue
33.10Taxes are payable into the Consolidated Fund by virtue of the Exchequer and Audit Departments Act 1866, s 10, which originally provided that the gross sums collected by the Revenue Departments should be directed, after deduction of certain items such as drawbacks,1 into the Exchequer Account at the Bank of England. The moneys paid into the Exchequer form what is termed the Consolidated Fund. Any excess of payments into the Consolidated Fund over issues out of it must be paid into the National Loans Fund. The hereditary revenues of the Crown are directed to be paid into the Exchequer and made part of the Consolidated Fund under the Civil List Act 1952, s 1(1).2 Other items of revenue are payable to the Exchequer under specific statutory provisions. Income realised by departments in the course of their duties (for example revenue from certain kinds of fees) is not as a rule paid into the Exchequer, but is directed under the Government Resources and Accounts Act 2000, s 2 to be applied in aid of their Estimate.3
- 1. A refund of excise or import duty where an imported item is subsequently re-exported or used in the production of goods for export.
- 2. Certain hereditary revenues relating to Scotland are, however, paid into the Scottish Consolidated Fund by virtue of s 1(2) of the same Act.
- 3. See para 34.11.