The Treasury’s Asset Protection Scheme to protect over £280 billion of Royal Bank of Scotland’s financial assets against losses had a beneficial impact on financial markets. But the Scheme has, so far, only been partially successful in encouraging lending to creditworthy borrowers on the scale originally envisaged.
The NAO has highlighted five risks to the value for money of some national infrastructure projects.
Sir John Bourn, head of the National Audit Office, today reported to Parliament on the financial statements of the Exchange Equalisation Account (EEA), which holds the UK’s official reserves of gold and foreign currencies. The accounts for 1997/98 are the first to be published. Sir John’s opinion on the accounts was unqualified but in his […]
The National Audit Office has today reported on progress in the Treasury’s interventions to maintain financial stability, its wider support for the economy, its capacity to respond to future financial crises, and new reporting developments.
The National Audit Office has today given an update on the financial support provided by the Treasury to the UK banking sector – how much support has been provided, how much is still outstanding and how much it is costing the taxpayer.
The Comptroller and Auditor General, the head of the National Audit Office, today reported to Parliament that he has qualified his audit opinion on HM Treasury’s Resource Accounts for 2008-09. This was because, in that year, HM Treasury incurred expenditure of some £24 billion more than Parliament had authorized. This arose because of the need […]
The C&AG has reported on the 2019-20 accounts of HM Treasury.
The C&AG has issued a clean audit opinion, providing assurance to Parliament on HM Treasury’s 2024-25 financial statements.
In 2011-12 HMRC maintained its performance while reducing staff and spending but it is too early to tell what the long-term impact of cost reduction will be.
HM Revenue and Customs’ performance in answering telephone calls in 2008-09 was well below its own targets and industry standards, the National Audit Office has reported today. In its Customer Contact Directorate, which answers 95 per cent of calls to the Department’s contact centres, only 57 per cent of 103 million call attempts were answered, compared […]
The report details progress by HMRC in stabilising and operating the PAYE service and its progress towards the implementation of its new Real Time Information service. The report also covers HMRC’s performance in tackling VAT fraud, and in reducing error and fraud in personal tax credits.
HMRC’s renewed strategy for dealing with alcohol duty fraud is a significant improvement on the previous strategy. However, the Department needs a reliable estimate of the tax gaps for beer and wine; and to tackle successfully the illicit diversion of duty-unpaid alcohol back into the UK market.
Gareth Davies, the Comptroller and Auditor General (C&AG) of the National Audit Office, has reported on HMRC’s 2023-24 accounts.
The economic downturn has been largely responsible for a £21.7 billion reduction in taxes and duties collected by HM Revenue and Customs (HMRC) in 2008-9, according to a report released today by the National Audit Office. Income Tax and National Insurance contributions fell by £5.7 billion; revenue from VAT fell by £6.4 billion (partly reflecting […]
By transferring ownership or leases of around 60 per cent of its estate (591 properties) to a private contractor, Mapeley, in 2001, the Inland Revenue and HM Customs & Excise planned to reduce their running costs and had the opportunity to save up to £1.2 billion by reducing the size of the estate. However, in […]
HM Revenue & Customs clears most imported goods quickly, and processes for submitting customs declarations and payments for non-EU imports are straightforward, says a report out today from the National Audit Office. The rate of physical checks at the UK border is below the EU average, however, and the number of audits of traders has […]
HM Revenue & Customs faces large peaks in its workload but, by introducing different filing deadlines for paper and online Income Tax Self Assessment returns, it has smoothed some of those peaks. A National Audit Office report today found that, in 2007-08, HMRC received more than a quarter of the 4 million Tax Credit renewals […]
HMRC has improved how it manages debts owed to it by taxpayers, according to a report by the National Audit Office. The amount of money owed has reduced from 4.3 per cent of tax collected in 2005-06 to 3.8 per cent in 2007-08. The age of the direct tax debt has also reduced. Over the […]