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The Friend of the People; & his Petty New Tax Gatherer paying John Bull a visit (1806), James Gillray. The history of taxation in the United Kingdom includes the history of all collections by governments under law, in money or in kind, including collections by monarchs and lesser feudal lords, levied on persons or property subject to the government, with the primary purpose of raising revenue.
In 1974, around 750,000 people were paid the higher (but not necessarily the top) rate of income tax. [10] Margaret Thatcher, who favoured indirect taxation, reduced personal income tax rates during the 1980s. [11] In the first budget after her election victory in 1979, the top rate was reduced from 83% to 60% and the basic rate from 33% to 30% ...
Between October 1940 and March 1973 the UK had a consumption tax called Purchase Tax, which was levied at different rates depending on an assessment of goods' luxuriousness. [4] Purchase Tax was applied to the wholesale price, introduced during World War II, initially at a rate of 33.3%. This was doubled in April 1942 to 66.6%, and further ...
The great productiveness of the tax is equally remarkable. From £5,600,000 in 1843 (with a rate of 7d.) the return rose to £32,380,000 in 1907–1908, having been at the maximum of £38,800,000 in 1902–1903, with a tax rate of 6 1 ⁄ 4 %. The income-tax thus supplies about one-fifth of the total revenue, or one-fourth of that obtained by ...
From 1965 to 1988, most gains incurred a 30% rate of capital gains tax. In 1988, Conservative Chancellor Nigel Lawson aligned rates with those for income tax (where the top rate was 40% at the time) and this regime continued until 2008, when Gordon Brown changed the rate to 18% for all taxpayers. [1]
The level of ACT was linked to the basic rate of income tax between 1973 and 1993. The March 1993 Budget of Norman Lamont cut the ACT rate and tax credit to 22.5% from April 1993, and 20% from April 1994. [7] These changes were accompanied with a cut of income tax on dividends to 20%, while the basic rate of income tax remained at 25%.
The applicable nil rate band will depend on the date of death: if the date falls at any time from 6 August to 5 April in a given tax year, the current year's band will apply; but, where the date is after 5 April but before 6 August, and application for a grant is filed before 6 August, the prior year's band will apply. [91]
Income tax had stood at just 6% before the war and only applied to 1.13 million Britons, by 1920 there were 3 million income tax payers at a rate of 30%. [176] Britain also exploited its imperial resources to raise capital: India's 1917 excess export earnings were appropriated through a gift of £100 million to the British war effort. [177]