Exchequer and Audit Departments Act 1866The Exchequer and Audit Departments Act 1866 (29 & 30 Vict. c. 39) is the act of the Parliament of the United Kingdom under which most of the revenue from taxation, and all other money payable to the Exchequer, must be paid into the Consolidated Fund.
ExchequerThe UK Exchequer (formally His Majesty's Exchequer) is part of the machinery of government, defined as 'the legal and accounting entities which support the UK's spending and revenue activities'. The term is used for the accounting processes of central government, and as such it appears in various financial documents (including the latest departmental and agency annual accounts).
Bank of EnglandThe Bank of England (BoE) is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker and debt manager, and still one of the bankers for the government of the United Kingdom, it is the world's second oldest central bank, after Sweden's (1668). It is considered to be one of the world's "Big Four" central banks.
Crown EstateThe Crown Estate is a collection of lands and holdings in the United Kingdom belonging to the British monarch as a corporation sole, making it "the sovereign's public estate", which is neither government property nor part of the monarch's private estate. The Crown Estate in England, Wales, and Northern Ireland is managed by the Crown Estate Commissioners, which trades as The Crown Estate.
Hypothecated taxDedicating a revenue stream to a certain purpose, in public finance The hypothecation of a tax (also known as the ring-fencing or earmarking of a tax) is the dedication of the revenue from a specific tax for a particular expenditure purpose. This approach differs from the classical method according to which all government spending is done from a consolidated fund. History Hypothecated taxes have a long history.
South Sea CompanyThe South Sea Company was a British joint-stock company founded in January 1711, created as a public-private partnership to consolidate and reduce the cost of the national debt. To generate income, in 1713 the company was granted a monopoly (the Asiento de Negros) to supply enslaved Africans to the islands in the "South Seas" and South America.
Constitution of AustraliaStatus: AmendedRecords of Parliamentary debate relating to the statute from HansardText of statute as originally enactedRevised text of statute as amendedThe Constitution of Australia (also known as the Commonwealth Constitution) is the fundamental law that governs the political structure of Australia. It is a written constitution, which establishes the country as a federation under a constitutional monarchy governed with a parliamentary system.
Customs and Excise Act 1787The Customs and Excise Act 1787 (27 Geo. 3. c. 13), also known as the Gilbert Act, was an act of the Parliament of Great Britain that consolidated and reformed customs duties in Great Britain. The act revolutionised the collections of customs duties, abolishing old duties and substituting new ones.
Bank accountA bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded. Each financial institution sets the terms and conditions for each type of account it offers, which are classified in commonly understood types, such as deposit accounts, credit card accounts, current accounts, loan accounts or many other types of account. A customer may have more than one account.
Westminster systemThe Westminster system, or Westminster model, is a type of parliamentary government found in, and elsewhere derived from, the Parliament of the United Kingdom. Key aspects of the system include an executive branch made up of members of the legislature which is responsible to the legislature, the presence of parliamentary opposition parties, and a ceremonial head of state who is separate from the head of government.
Auditor generalAn auditor general (also called comptroller general or comptroller and auditor general in some jurisdictions) is an independent public official responsible for auditing government finances and operations and reporting the results to the legislature, supporting oversight and government accountability. Frequently, the institution headed by the auditor general is a member of the International Organization of Supreme Audit Institutions (INTOSAI).TaxCompulsory contribution to state revenue*As an Amazon Associate I earn from qualifying purchases.