HM Revenue & Customs (HMRC) has published its 2025-26 accounts, comprising the Trust Statement and Resource Accounts, containing the audit opinion of the Comptroller & Auditor General.

Trust Statement – clean audit opinion

The C&AG has issued a clean audit opinion for the Trust Statement.

Financial statements

In the C&AG’s opinion, the financial statements:

  • give a true and fair view of the state of the HMRC Trust Statement’s affairs as at 31 March 2026 and its net revenue for the Consolidated Fund for the year then ended; and
  • have been properly prepared in accordance with the Exchequer and Audit Departments Act 1921 and HM Treasury directions issued thereunder.

Regularity

In the C&AG’s opinion, in all material respects, the income and expenditure recorded in the financial statements have been applied to the purposes intended by Parliament and the financial transactions recorded in the financial statements conform to the authorities which govern them.

Resource Accounts – modified audit opinion

The C&AG has qualified his audit opinion to Parliament on HMRC’s Resource Accounts due to material levels of fraud and error within Corporation Tax research and development (R&D) reliefs and Child Benefit expenditure.

Financial statements

 In the C&AG’s opinion, the financial statements:

  • give a true and fair view of the state of the Department’s affairs as at 31 March 2026 and their net expenditure for the year then ended; and
  • have been properly prepared in accordance with the Government Resources and Accounts Act 2000 and HM Treasury directions issued thereunder.

Regularity

In the C&AG’s opinion, except for the effect of the matters described above, in all material respects:

  • the Consolidated Statement of Outturn against Parliamentary Supply properly presents the outturn against voted Parliamentary control totals for the year ended 31 March 2026 and shows that those totals have not been exceeded; and
  • the income and expenditure recorded in the financial statements have been applied to the purposes intended by Parliament and the financial transactions recorded in the financial statements conform to the authorities which govern them.

View the accounts and audit report

Topics