British Economy Act, 2023
| British Economy Act, 2023 | |
|---|---|
 | |
| Parliament of Great Britain and Ireland | |
| An Act to repeal and replace the Nova Treasury Act 2022. | |
| Citation | Original Text |
| Enacted by | Joint Session of Westminster |
| Date enacted | 22 January, 2023 |
| Date of Royal Assent | 22 January, 2023 |
| Signed by | HM Queen Elizabeth III |
| Introduced by | Cameron Romefeller MP (BFL) |
| Amends | |
| None | |
| Repealing legislation | |
| Nova Treasury Act, 2022 | |
| Status: In force | |
Content of the Act
Article I || Titles
1.00 || This Act may be cited and referred to in short as the British Economy Act 2023.
1.01 || This Act may be referred to in full as An Act to repeal and replace the Nova Treasury Act 2022.
Article II || Article Title
2.00 || Abbreviations in this act are as follows; 2.00a || EoGB - The Empire of Great Britain; 2.01b || HM - His/Her/Their Majesty's; 2.02c || Chancellor - Chancellor of the Exchequer.
2.01 || Definitions in the act are as follows; 2.01a || Public Institution refers to any entity owned and/or controlled by HM Government.
Article III || HM Treasury and the Bank of England
3.00 || Upon enactment of this Act, ‘Her Majesty’s Treasury’ is hereby established: 3.00a || The Treasury shall change its name to His Majesty’s Treasury or Their Majesty’s Treasury depending on the gender identification of the Sovereign.
3.01 || The position of Chancellor of the Exchequer is hereby established as a Cabinet Minister, whose role shall be to lead and oversee the operations and activities of HM Treasury. 3.01a || The Chancellor of the Exchequer shall be appointed by the Sovereign on and by the advice of the Prime Minister.
3.02 || The Bank of England is established. 3.02a || The Bank of England shall be the chief financial institution of the Empire and shall have the following rights and privileges; 3.02a I || The creation, regulation, and destruction of currency held in its accounts; 3.02a II || The right to issue payments and collect taxes, regulated by the Fiscal Budget. 3.02a III || The right to seize financial assets under the following conditions: A. Owned by a former Citizen after 6 months of them losing citizenship; B. Owned by a business that is involuntarily liquidated, if not claimed after 3 months; C. In the case of any penalties imposed by the Judicial Authority.
3.03 || The position and office of the Governor of the Bank of England are hereby established: 3.03a || The Governor of the Bank of England shall be appointed by the Crown and serves at their pleasure; 3.03b || The Governor of the Bank of England shall be responsible for accepting and rejecting transfers on behalf of the banks, making transfers as requested by HM Treasury and monitoring and maintaining the ledger of the Bank of England.
3.04 || HM Treasury shall aim to facilitate, regulate and stimulate the economy and furthermore shall be responsible for the following; 3.04a || Proposing a budget according to the requirements as stated in The Budgetary Act 2023; 3.04b || Management of public funds; 3.04c || Execution of payment obligations of HM Treasury and its administration; 3.04d || Collection and management of HM Government's revenue, including but not limited to taxation and its administration; 3.04e || The management of state-owned enterprises and the fulfillment of their obligations, responsibilities and duties involved thereof.
Article IV || Collection of Revenue
4.00 || HM Government shall create and maintain the following user accounts in favour of the Bank of England: 4.00a|| Bank of England that shall retain the same name.
4.01 || The ledger balance of the Bank of England shall be considered the combined, concurrent funds of HM Government.
4.02 || For every term, the tax rates or any changes to existing tax rates must be approved by any Act of Parliament and granted assent by the Sovereign.
4.03 || Any citizen may object to the tax liability imposed on them via inbox messages to the Bank of England under the following conditions: 4.03a || The citizen lodging the objection shall state the reason for such objection, which must fall under the following valid reasons: 4.03a I || Incorrect calculation of taxation
4.03a II || Inability to pay 4.03b || The citizen lodging an objection does so at least twenty-four (24) hours before the tax is supposed to be levied. 4.03c || Objections will be assessed by the Chancellor and either approved or denied, with public reasoning given. No appeal beyond this is permitted.
4.04 || Any citizen who fails to pay the Bank of England the amount levied is eligible to request a further thirty-six (36) hours to pay the tax after the deadline, which the Treasury shall be required to accept.
4.05 || Any citizen that fails to pay tax post the collection period may be fined up to ten per cent (10%) of their bank balance as a penalty on top of the tax owed at the discretion of the Chancellor or the Prime Minister.
4.06 || HM Treasury shall be responsible for calculating taxes to be levied: 4.06a || Citizens may be required by HM Treasury to declare any salaried positions which they have accepted in the tax period and their length of service to aid in these calculations; 4.06b || HM Treasury shall have the power to demand a declaration of monthly profits of businesses to aid in these calculations.
Article V || Rules Governing Taxation
5.00 || HM Treasury may only levy tax if the following conditions are met: 5.00a || There is a legal basis for levying such a tax, whether a tax code or legislation otherwise; 5.00b || The citizen is considered a taxable resident of the Empire; 5.00b I || To be a taxable resident for any tax period, the person must have held citizenship in the Empire for ten (10) days or be an eligible voter, whichever is shorter; 5.00c || That an intent to tax has been issued in the form of a notification by HM Treasury via the Bank of England.
Article VI || The Currency of the Empire
6.00 || The Pound Sterling is hereby established as the sole currency of the Empire of Great Britain.
6.01 || The Pound Sterling may be abbreviated to; 6.01a || The pound when referenced as a single unit; 6.01b || Pounds when referenced as multiple units of the Pound Sterling; 6.01c || The Pound Sterling’s International Organisation for Standardisation code shall be EGP, and the symbol shall be £.
6.02 || All accounts on the regional forum shall be granted a bank account. This shall be facilitated by the ProBoards plugin “Monetary System” and shall enable citizens to: 6.02a || Send and receive transfers and donations to and from other users; 6.02b || Accept and deny transfer requests from other users; 6.02c || Pay taxes.
6.03 || Bank accounts shall receive interest payments from HM Treasury. 6.03a || The interval of interest payments shall be determined by HM Treasury; 6.03b || Only citizens and the Sovereign of EoGB may receive interest payments; 6.03c || Every account shall receive interest payments to recipients via the plugin’s in-built system.
Article VII || Repeal
7.00 || The Nova Treasury Act 2022 is hereby repealed.
7.01 || Any and all funds held by the Bank of Scotland at the time of enactment shall be transferred to the Bank of England.
Article VIII || Ratification
8.00 || This Act shall come into effect upon passage by both Houses of Parliament with a simple majority and assent by the Sovereign or other authority as established under the Monarchy Act of 2021.