Exchequer

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The UK Exchequer (formally His Majesty's Exchequer) is part of the machinery of government, defined as 'the legal and accounting entities which support the UK's spending and revenue activities'. The term is used for the accounting processes of central government, and as such it appears in various financial documents (including the latest departmental and agency annual accounts). The Consolidated Fund account at the Bank of England is officially termed 'The Account of His Majesty's Exchequer': it serves as the government's current account, into which is paid the money raised from taxation (and other government revenues), and out of which is issued money for government spending. Historically the Exchequer (the Court of Exchequer) was an executive body, having the combined characteristics of a government department and a court of law. It was responsible for the collection and the management of taxes and revenues, making payments on behalf of the sovereign and auditing official accounts. Twice a year, at Easter and Michaelmas, those responsible for collecting the king's revenue (sheriffs, bailiffs, escheators and others) were summoned to the Exchequer to deposit the money and account for all that was owed. The existence of an Exchequer in England was first recorded in 1110. Similar offices were established in Normandy (by 1180), in Scotland around 1200 and in Ireland in 1210. Alongside its accountancy responsibilities, the Exchequer had a judicial character. Its primary function in this regard was as a court of revenue: concerned with asserting and protecting 'the royal prerogative in matters regarding the King's revenue', as well as enforcing payments and preventing fraud. From an early date, however, the Exchequer developed a broader jurisdiction (and secondary function) as a court of common pleas: 'hearing and determining personal suits and actions at law between subject and subject'. Over time, the principle of equity...