Income Tax Act 1842
Encyclopedia
The Income Tax Act 1842 was an Act
of the Parliament of the United Kingdom
, passed under the government of Robert Peel
, which re-introduced an income tax
in Britain, at the rate of 7 pence
(2.9%, there then being 240 pence in the pound) in the pound
on all annual incomes greater than £150 (£116,000.00 in 2008). It was the first imposition of income tax in Britain outside of wartime. Although promoted as a temporary measure, income tax has been levied continually in Britain ever since. In its detail, the Act of 1842 was substantially similar to the Income Tax Act 1803 introduced by Henry Addington
during the Napoleonic Wars
.
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
of the Parliament of the United Kingdom
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
, passed under the government of Robert Peel
Robert Peel
Sir Robert Peel, 2nd Baronet was a British Conservative statesman who served as Prime Minister of the United Kingdom from 10 December 1834 to 8 April 1835, and again from 30 August 1841 to 29 June 1846...
, which re-introduced an income tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
in Britain, at the rate of 7 pence
British One Penny coin (pre-decimal)
The English Penny, originally a coin of 1.3 to 1.5 g pure silver, includes the penny introduced around the year 785 by King Offa of Mercia. However, his coins were similar in size and weight to the continental deniers of the period, and to the Anglo-Saxon sceats which had gone before it, which were...
(2.9%, there then being 240 pence in the pound) in the pound
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
on all annual incomes greater than £150 (£116,000.00 in 2008). It was the first imposition of income tax in Britain outside of wartime. Although promoted as a temporary measure, income tax has been levied continually in Britain ever since. In its detail, the Act of 1842 was substantially similar to the Income Tax Act 1803 introduced by Henry Addington
Henry Addington, 1st Viscount Sidmouth
Henry Addington, 1st Viscount Sidmouth, PC was a British statesman, and Prime Minister of the United Kingdom from 1801 to 1804....
during the Napoleonic Wars
Napoleonic Wars
The Napoleonic Wars were a series of wars declared against Napoleon's French Empire by opposing coalitions that ran from 1803 to 1815. As a continuation of the wars sparked by the French Revolution of 1789, they revolutionised European armies and played out on an unprecedented scale, mainly due to...
.
External links
- John Paget, The Income Tax Act, 5 & 6 Vict. c. 35, with a practical and explanatory introduction and index, 1842, title page, act
- The Creators of the Modern Income Tax