BRITAIN’S INCOME TAX.
'Hie 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 £0,000,000, and the tax was abolished in 1802. Lord Henry Petty (grandfather of the present Lord Lansdowne), who broke all records by bocomipg Chancellor of the Exchequer -at the age of 25, evolved an income tax which produced £14,545,279 in the last year it was levied —1815. The tax was repealed because it had been adopted as a war measure, and for 2: years there was no income tax m England. Since its re-imposition ( by Peel the lowest rate touched has been that of 1874—2 d in the £.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/GIST19150710.2.40
Bibliographic details
Gisborne Times, Volume XLV, Issue 3978, 10 July 1915, Page 8
Word Count
119BRITAIN’S INCOME TAX. Gisborne Times, Volume XLV, Issue 3978, 10 July 1915, Page 8
Using This Item
The Gisborne Herald Company is the copyright owner for the Gisborne Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of the Gisborne Herald Company. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in