What is the primary purpose of HM Revenue and Customs (HMRC)?

The primary purpose of HM Revenue and Customs (HMRC) is to collect taxes, manage tax credits, and promote compliance with tax laws. This centrality of tax collection is fundamental to the functioning of the government, as it facilitates the funding of public services and infrastructure. HMRC is responsible for ensuring that individuals and businesses meet their tax obligations, which includes various activities such as processing tax returns, enforcing tax laws, and providing guidance to taxpayers on compliance.

While promoting compliance with tax laws is crucial, HMRC also manages tax credits, which are designed to support low-income individuals and families, thus playing a significant role in the welfare system. This multifaceted role underscores the importance of HMRC in maintaining the integrity of the tax system and ensuring that the government has the necessary revenue to operate effectively.

The other options do not accurately reflect the primary role of HMRC. For example, promoting economic growth and employment may be a broader agenda of the government, but it is not HMRC's direct responsibility. Similarly, overseeing public health initiatives and regulating financial markets fall under the purview of different government departments and agencies, thereby distancing them from the specific functions and mission of HMRC.