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General Taxation
In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund (as opposed to hypothecated taxes earmarked for specific purposes), and general spending is paid out of the consolidated fund. The British Consolidated Fund Establishment The British Consolidated Fund was so named as it consolidated together a number of existing accounts, detailed below, and facilitated proper parliamentary oversight of the spending of the executive; it was defined as "one fund into which shall flow every stream of public revenue and from which shall come the supply of every service". The Treasury established this account, formerly known as The Account of His Majesty's Exchequer, at the Bank of England where it remains to this day, and the legal term "Consolidated Fund" refers to the amount of credit held in this particular account ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consols
Consols (originally short for consolidated annuities, but subsequently taken to mean consolidated stock) were government debt issues in the form of perpetual bonds, redeemable at the option of the government. They were issued by the Bank of England and the U.S. Government. The first British consols were issued in 1751. They have now been fully redeemed. The United States government issued consols from 1877 to 1930, which have likewise been redeemed. History In 1752 the Chancellor of the Exchequer and Prime Minister Sir Henry Pelham converted all outstanding issues of redeemable government stock into one bond, Consolidated 3.5% Annuities, in order to reduce the coupon (interest rate) paid on the government debt. In 1757, the annual interest rate on the stock was reduced to 3%, leaving the stock as consolidated 3% annuities. The coupon rate remained at 3% until 1888. In 1888, the Chancellor of the Exchequer, George Joachim Goschen, converted the consolidated 3% annuities, along wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Civil List
A civil list is a list of individuals to whom money is paid by the government, typically for service to the state or as honorary pensions. It is a term especially associated with the United Kingdom and its former colonies of Canada, India, New Zealand, Singapore and many more. It was originally defined as expenses supporting the monarch. United Kingdom In the United Kingdom, the Civil List was, until 2011, the annual grant that covered some expenses associated with the Sovereign performing their official duties, including those for staff salaries, state visits, public engagements, ceremonial functions and the upkeep of the Royal Households. The cost of transport and security for the Royal Family, together with property maintenance and other sundry expenses, were covered by separate grants from individual government departments. The Civil List was abolished under the Sovereign Grant Act 2011. History Following the Glorious Revolution of 1688, the expenses relating to the support of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Grant-in-aid
A grant-in-aid is money coming from a central government for a specific project. Such funding is usually used when the government and the legislature decide that the recipient should be publicly funded but operate with reasonable independence from the state. In the United Kingdom, most bodies in receipt of grants-in-aid are non-departmental public bodies. A grant-in-aid has funds allocated by one level of government to another level of government that are to be used for specific purposes. Such funds are usually accompanied by requirements and standards set by the governing body for how they are to be spent. An example of this would be how the US Congress The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washin ... has required states to raise the drinking age for alcohol from 18 to 21 fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Glorious Revolution
The Glorious Revolution; gd, Rèabhlaid Ghlòrmhor; cy, Chwyldro Gogoneddus , also known as the ''Glorieuze Overtocht'' or ''Glorious Crossing'' in the Netherlands, is the sequence of events leading to the deposition of King James II and VII of England and Scotland in November 1688, and his replacement by his daughter Mary II and her husband and James's nephew William III of Orange, de facto ruler of the Dutch Republic. A term first used by John Hampden (1653–1696), John Hampden in late 1689, it has been notable in the years since for having been described as the last successful invasion of England as well as an internal coup, with differing interpretations from the Dutch and English perspectives respectively. Despite his personal Catholicism, a religion opposed by the Protestant majority in England and Scotland, James became king in February 1685 with widespread support in both countries, since many feared that his exclusion would lead to a repetition of the 16391651 Wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
House Of Lords
The House of Lords, also known as the House of Peers, is the Bicameralism, upper house of the Parliament of the United Kingdom. Membership is by Life peer, appointment, Hereditary peer, heredity or Lords Spiritual, official function. Like the House of Commons of the United Kingdom, House of Commons, it meets in the Palace of Westminster in London, England. The House of Lords scrutinises Bill (law), bills that have been approved by the House of Commons. It regularly reviews and amends bills from the Commons. While it is unable to prevent bills passing into law, except in certain limited circumstances, it can delay bills and force the Commons to reconsider their decisions. In this capacity, the House of Lords acts as a check on the more powerful House of Commons that is independent of the electoral process. While members of the Lords may also take on roles as government ministers, high-ranking officials such as cabinet ministers are usually drawn from the Commons. The House of Lo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British House Of Commons
The House of Commons is the lower house of the Parliament of the United Kingdom. Like the upper house, the House of Lords, it meets in the Palace of Westminster in London, England. The House of Commons is an elected body consisting of 650 members known as members of Parliament (MPs). MPs are elected to represent constituencies by the first-past-the-post system and hold their seats until Parliament is dissolved. The House of Commons of England started to evolve in the 13th and 14th centuries. In 1707 it became the House of Commons of Great Britain after the political union with Scotland, and from 1800 it also became the House of Commons for Ireland after the political union of Great Britain and Ireland. In 1922, the body became the House of Commons of the United Kingdom of Great Britain and Northern Ireland after the independence of the Irish Free State. Under the Parliament Acts 1911 and 1949, the Lords' power to reject legislation was reduced to a delaying power. The gov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Crown
The Crown is the state in all its aspects within the jurisprudence of the Commonwealth realms and their subdivisions (such as the Crown Dependencies, overseas territories, provinces, or states). Legally ill-defined, the term has different meanings depending on context. It is used to designate the monarch in either a personal capacity, as Head of the Commonwealth, or as the king or queen of their realms (whereas the monarchy of the United Kingdom and the monarchy of Canada, for example, are distinct although they are in personal union). It can also refer to the rule of law; however, in common parlance 'The Crown' refers to the functions of government and the civil service. Thus, in the United Kingdom (one of the Commonwealth realms), the government of the United Kingdom can be distinguished from the Crown and the state, in precise usage, although the distinction is not always relevant in broad or casual usage. A corporation sole, the Crown is the legal embodiment of execut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Votes On Account
{{disambiguation ...
A vote is a formal method of choosing in an election. Vote(s) or The Vote may also refer to: Music *''V.O.T.E.'', an album by Chris Stamey and Yo La Tengo, 2004 *"Vote", a song by the Submarines from ''Declare a New State!'', 2006 Television * "The Vote" (''Dynasty'' 1983), an episode * "The Vote" (''Dynasty'' 1986), an episode * "The Vote" (''The Guardian''), an episode Other uses * Vote, Virginia, US, a community *''The Vote'', a 2015 play by James Graham *''The Vote'', a 1909-1933 newspaper of the Women's Freedom League * Vote.org, an American left-wing nonprofit organization *Votians, a Finno-Ugric people See also * * Voter (other) *Voting logic In engineering, redundancy is the intentional duplication of critical components or functions of a system with the goal of increasing reliability of the system, usually in the form of a backup or fail-safe, or to improve actual system perform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Estimates
{{otheruses, Estimate (other) In the Westminster system of government, the ''Estimates'' are an outline of government spending for the following fiscal year presented by the cabinet to parliament. The Estimates are drawn up by bureaucrats in the finance ministry in collaboration with cabinet ministers. They consist of detailed reports on how each department or ministry will spend its money. The estimates are normally introduced in the responsible chamber (the lower house in bicameral parliaments) just prior to the main Budget Day, which gives them time to be analyzed by House committees. Unlike the budget, the estimates contain no references to fiscal policy, long-term goals, or funding. After each section is reviewed by the relevant committee the entire Estimates are voted on as one bill. Defeat on the vote is treated as loss of supply Loss of supply occurs where a government in a parliamentary democracy using the Westminster System or a system derived from it i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Year
A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally not the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each year: the day tha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Consolidated Fund Act
A Consolidated Fund Act is an Act of the Parliament of the United Kingdom passed to allow, like an Appropriation Act, the Treasury to issue funds out of the Consolidated Fund.Bradley & Ewing (2003) ''pp''202-203 The typical structure of such an Act begins with the long title, which defines which financial years the Act applies to. This is followed by a preamble and then the enacting clause: Until 2000 an older form of preamble was used: If, as most of the Acts do, the legislation covers two fiscal years the legislation's first two sections will contain the amounts to be paid out of the Consolidated Fund for each particular financial year. The third section of the Act defines its short title. Typically two or three consolidated fund Acts are passed each calendar year. A Consolidated Fund Act normally becomes spent on the conclusion of the financial year to which it relates. However, the Consolidated Fund Act 1816 is still in force, since it combined the consolidated funds of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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