What Are HMRC Taxes?

What Are HMRC Taxes?

Her Majesty's Revenue and Customs is a non-ministerial department in the U.K. Government that is tasked with the collection of taxes, such as income tax, corporation tax and insurance premium tax. The other taxes that the HMRC collects include capital gains and inheritance tax, environmental taxes and land, stamp and petroleum revenue taxes, according to the UK government.

The Act of Parliament in 2005 established the HMRC as a new department to replace the Inland Revenue and Customs and Excise, as stated by the U.K. government. Apart from the collection of taxes, its other duties and responsibilities include the enforcement of minimum wage, excise duties, custom duties, child benefits and the recovery of student loan payments.