Finance Acts

Finance Acts. In and after 1894 the Annual Taxing Acts, which had for a long time borne the short titles of 'Customs and Inland Revenue Acts,' have borne the short titles of 'Finance Acts.' The Finance Act incorporates the Budget which is the Chancellor of the Exchequer's annual statement or report of the financial results of the past year, estimated expenditure and income of the coming year and proposals in regard to taxation. These proposals are passed into law by the Finance Act but are enforced as soon as a resolution of the Committee of Ways and Means agrees to them in order to prevent forestalling and anticipation in commodities. See Halsb. L.E., title 'Parliament (Ways and Means).'