Commissioners for Revenue and Customs Act 2005 section 46

Accounts

Section 46 sets out the accounting obligations of the Commissioners to the Comptroller and Auditor General, covering both daily revenue accounts and accounts for tax liabilities settled by accepting property instead of money.

• The Commissioners must provide the Comptroller and Auditor General with a daily account of revenue received and how that revenue has been used, in a format directed by the Treasury.
• The Commissioners must also account for tax liabilities that have been settled by accepting property instead of cash, at times and in a format specified by the Treasury.
• Property accepted in lieu of tax specifically includes heritage assets received under the Conditional Exemption Tax Incentive scheme in satisfaction of inheritance tax, but also covers property accepted under any other relevant legislation.
• These requirements ensure that both cash revenues and non-cash settlements are subject to proper scrutiny by the Comptroller and Auditor General, who is a House of Commons office holder and head of the National Audit Office.