Yes.Anyone know what HMRC is? His Majesty's Revenue and Customs?
No idea what the answer to your question is though. Hopefully someone else does. But you have an accountant who is telling you to do something. Why aren't you following his advice? He certainly knows more about this than I do and I suspect most other Bogleheads.
It used to be Inland Revenue, and then it was merged with Customs & Excise.
Customs & Excise was actually the oldest government department. I think there's a charter from one of the King Edwards (so early 1300s) in the reception. (Wikipedia is telling me dating from the Act of Union between England and Scotland - 1707). Income Tax (Inland Revenue) was only introduced by a Liberal Government in the early 1900s, to fund the first State Old Age Pension. It then expanded massively to pay the debts acquired in WW1.
"The Revenue" (as many people still call it) and C&E were merged into His Majesty's Revenue and Customs about 20 years ago I think.
Totally different cultures. Inland Revenue was quite academic and you could "do a deal" with them on a tax issue. C&E was dawn raids on VAT Fraudsters with crowbars to break open filing cabinets type stuff.
This is definitely an issue for an accountant. Although most will not know.
Statistics: Posted by Valuethinker — Fri Mar 07, 2025 3:36 am — Replies 6 — Views 561
