What happens to the tax revenue after it is collected?

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Dear HM Revenue and Customs,

I'm studying economics and would like to know if you can help me better understand what happens to tax revenue after HMRC collect it.

Specifically, can you help me understand:

1.
Is some tax revenue kept by HMRC, and subsequently used to pay for the three public services that it has specific responsibility for administering: statutory payments, child benefit and tax credits?

2.
Is the remainder of the tax revenue - not needed for those three public services - transferred to the Government Banking Service?

3.
Is any revenue transferred directly to other government departments for them to spend?

4.
Is any revenue transferred back to the Bank of England?

Knowing these things would help me build up a clear picture of where tax revenue ends up after it has been collected.

I hope you can help.

Yours faithfully,

Mr Carnihan

foi.team@hmrc.gsi.gov.uk on behalf of FOI Central Team, HM Revenue and Customs

Our ref: FOI2018/00672

Dear ,

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HMRC Freedom of Information Act Team

foi.team@hmrc.gsi.gov.uk on behalf of FOI Central Team, HM Revenue and Customs

1 Attachment

Dear Mr/Ms Carnihan,

I am writing in response to your request for information, received 27th
March 2018.

Yours sincerely,

HMRC Freedom of Information Team