Income and Property Tax.

Manawatu Herald, Volume III, Issue III, 25 October 1890, Page 2

Income and Property Tax.

It may be interesting to reeal how ancient a tax, that on incomes and property is. From Townsond's Manual of Dates we find that the tirst income-tax was levied in 1512 to defray the expenses r>f the war with France. It was imposed upon the commons, who were rated at two-fifteenths, and the clergy at two-tenths. Mr Pitt's income tax was also 'evied for a French war in 1799. Ifc was repealed in 1802, but virtu - ally restored by the Property-tax Act 1803, which imposed a rate on all incomes above £60 per annum 5 per cent. This tat expired in 1816. Sir Robert Peel's rate of seven pence in the pound was levied in 1842 for three years. It was continued three years longor and again for a further throe years. It was renewed in 1851 for one year and another year in 1852. fu 1853 it was arranged for the rate to undergo a gradual diminution, and to expire i iv seven years, and the tax was also extended to Ireland ; but in consequence of the Russian war the plan was abandoned, and a double rate was imposed in 1854 An addition of twopence in the pound on incomes ' of more than £150, and of three half pence on those between £150 and £100 was imposed in 1885 I hese rates were reduced to 7d and I 5d in 1857 and increased to 9d, and Gid in 1850. In 1860 they were further increased to lOd and 7d. In 18G1 a reduction was made till in 1865 the rate was only fourpeuce in the pound. j