BRITAIN'S INCOME TAX.
Tho first British income tax, introduced by Pitt in 1799, was not a success. Pitt estimated that it would bring in £10,000,000 a year; its yield was only £6,000,000, and tho tax was abolished in 1802. Lord Henry Petty (grandfather of the present Lord Lansdowne), who broke all records by becoming Chancellor of the Exchequer at the age ol 25, evolved an income tax which produced £14,645,279 in tie last year it was levied— lßls. The tax was- repealed because it had been adopted as a war measure, and for 27 years there was no income _ tax in England. Since its reimposition by Peel the lowest rate touched has been that of 1874— 2 din the £.
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Bibliographic details
Evening Post, Volume LXXXIX, Issue 150, 26 June 1915, Page 16
Word Count
119BRITAIN'S INCOME TAX. Evening Post, Volume LXXXIX, Issue 150, 26 June 1915, Page 16
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