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Income tax was first implemented in Great Britain by William Pitt the Younger in his budget of December 1798 to pay for weapons and equipment in preparation for the Napoleonic Wars. Pitt's new graduated (progressive) income tax began at a levy of 2 old pence in the pound ( 1 ⁄ 120th ) on incomes over £60 (equivalent to £7,978 in 2023), [ 7 ...
Pitt hoped that the new income tax would raise £10 million, but receipts for 1799 totalled just over £6 million. [4] Income tax was levied under five schedules. Income not falling within those schedules was not taxed. The schedules were: Schedule A (tax on income from United Kingdom land) Schedule B (tax on commercial occupation of land)
Pitt also introduced Great Britain's first-ever income tax. The new tax helped offset losses in indirect tax revenue, which had been caused by a decline in trade. [ 53 ] Pitt's two policies of suspending cash payments and introducing Income Tax were later cited by the French Minister of Finance as being 'genius'.
The inception date of the modern income tax is typically accepted as 1799, [6] at the suggestion of Henry Beeke, the future Dean of Bristol. [7] This income tax was introduced into Great Britain by Prime Minister William Pitt the Younger in his budget of December 1798, to pay for weapons and equipment for the French Revolutionary War.
Pitt's new graduated (progressive) income tax began at a levy of 2 old pence in the pound (1 ⁄ 120 or 0.83%) on annual incomes over £60 and increased up to a maximum of 2 shillings (10%) on incomes of over £200. Pitt hoped that the new income tax would raise £10 million, but actual receipts for 1799 totalled just over £6 million. [18]
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 ...
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The theory of virtual representation was attacked in Britain by Charles Pratt, 1st Earl Camden, and his ally William Pitt, 1st Earl of Chatham. William Pitt argued in 1766 that the Commons of Britain ought not to tax the '"Commons of America" without gaining consent of their representatives in stating, "even under former arbitrary reigns ...