- Inland Revenue
The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty. More recently, the Inland Revenue also administered the Tax Credits schemes, whereby monies, such as Working Tax Credit (WTC) and Child Tax Credit (CTC), are paid by the Government into a recipient's bank account or as part of their wages. The Inland Revenue was also responsible for the payment of child benefit.
The Inland Revenue was merged with HM Customs and Excise to form HM Revenue and Customs which came into existence on 18 April 2005. The former Inland Revenue is thus now part of HM Revenue and Customs, but it is still the name by which the tax gathering department of government is commonly known by British people and is often referred to as "the Tax Man".
The beginnings of the Inland Revenue date from 1665, when a Board of Taxes was set up following the introduction of special taxes to pay for the Second Anglo-Dutch War. A central organisation to supervise the collection of the special taxes was required.
Taxes administered by the Board of Taxes included the land tax, first levied in 1692, together with an assortment of other assessed taxes, including taxes on houses, windows and dogs. Income tax was introduced in various forms in 1797, 1799, 1803 to 1816. and then reintroduced as an annual tax in 1842m which is formally renewed in each year's Finance Act.
A separate Board of Stamps was created by the Stamps Act 1694. During the eighteenth and early nineteenth centuries, stamp duties were extended to cover newspapers, pamphlets, lottery tickets, apprentices' indentures, advertisements, playing cards, dice, hats, gloves, patent medicines, perfumes, insurance policies, gold and silver plate, hair powder and armorial bearings (coats of arms).
In June 1833, a single body of Commissioners was set up to merge the revenues of stamps and taxes. The Board of Taxes and the Board of Stamps were formally combined under the Land Tax Act 1834.
The Board of Inland Revenue was created under the Inland Revenue Board Act 1849, after the Board of Excise and the Board of Stamps and Taxes were amalgamated. Responsibility for excise taxes was transferred to the Board of Customs and Excise in 1909.
The 2004 Budget included proposals to merge HM Customs and Excise with the Board of Inland Revenue to form a new department, HM Revenue and Customs (HMRC). The merger was implemented by the Commissioners for Revenue and Customs Act 2005 with effect from 18 April 2005.
- Minister of Inland Revenue
- HM Revenue and Customs - Formed by the 2005 merger of the Inland Revenue and Customs and Excise
Wikimedia Foundation. 2010.
Look at other dictionaries:
Inland Revenue — the branch of the administration responsible for collecting direct taxes from the citizen. The administration of the UK tax system is in the hands of two bodies, namely the Commissioners of Customs and Excise, who have jurisdiction over indirect… … Law dictionary
Inland Revenue — ˌInland ˈRevenue written abbreviation IR noun TAX ORGANIZATIONS the government department that collected income taxes in Britain until 2005, when a new department, HM Revenue and Customs, was formed see also Internal Revenue Service * * * The… … Financial and business terms
Inland Revenue — n the Inland Revenue the government department which collects national taxes in Britain … Dictionary of contemporary English
inland revenue — ► NOUN Brit. ▪ public revenue consisting of income tax and some other direct taxes … English terms dictionary
Inland Revenue — noun a board of the British government that administers and collects major direct taxes • Syn: ↑IR • Regions: ↑United Kingdom, ↑UK, ↑U.K., ↑Britain, ↑United Kingdom of Great Britain and Northern Ireland, ↑Gre … Useful english dictionary
Inland Revenue — /ˌɪnlənd revənju:/ noun a British government department dealing with taxes (income tax, corporation tax, capital gains tax, inheritance tax, etc.) but not duties, such as VAT, which are collected by the Customs and Excise ● He received a letter… … Dictionary of banking and finance
Inland Revenue — N PROPER In Britain, the Inland Revenue is the government authority which collects income tax and some other taxes … English dictionary
Inland Revenue — See Board of Inland Revenue … Big dictionary of business and management
Inland Revenue — the government department in charge of the tax system in Britain. It collects income tax, as well as other taxes including capital gains tax, corporation tax, inheritance tax and stamp duty. The equivalent in the US is the Internal Revenue… … Universalium
inland revenue — noun Brit. public revenue consisting of income tax and some other direct taxes … English new terms dictionary