Commentary

A1.103 The annual Budget statement and passing of Acts imposing taxes

Administration and compliance

A1.103 The annual Budget statement and passing of Acts imposing taxes

A1.103 The annual Budget statement and passing of Acts imposing taxes

Taxes are creatures of statute and depend for their validity solely upon the Acts of Parliament creating them; the function of the courts in relation to tax is to interpret those Acts and not to create the law1.

The Government's taxation and expenditure proposals are usually presented separately to Parliament in the Chancellor's pre-Budget Report in the Autumn of each year. The taxation proposals for the forthcoming financial year are then set out in the Budget2 statement which is normally presented in March, before the start of the financial year. Pre-Budget and Budget documents must conform to the code of financial stability, which aims to achieve transparency, stability, responsibility, fairness and efficiency in the formulation and implementation of fiscal policy and management of National Debt3.

At the conclusion of his Budget speech the Chancellor lays before the House of Commons the Financial Statement and Budget

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