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Taxation - Essay Example

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It practically formed the main source of revenue for the government particularly throughout the remaining part of the 17th century, the whole of 18th century and for the early part of the 19th…
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Download file to see previous pages This new progressive income tax introduced by Pitt saw the people remitting a levy of 2 old pence for every pound on incomes that were more than £60 (this minimum amount was reviewed in 2014 and fixed at £5348). The levy actually increased up to a maximum amount of 2 shillings (10 percent) particularly on incomes more than £200. Pitt had projected a total receipt of £10 million from the new tax but in actual sense it raised just over £6 million in 1799 (James, 2009, pg. 30).
This income tax introduced by Pitt was levied between 1799 and 1802 and was abolished by Henry Addington basically during the peace of Amiens. Addington had actually taken over as prime Minister following the resignation of Pitt in 1801 as a result of Catholic Emancipation. Recommence of the hostilities in 1803 saw the reintroduction of income tax by Addington; however, it was re-abolished in 1816 a year after the Waterloo Battle. Income Tax Act 1842 by Sir Robert Peel again saw the reintroduction of the income tax in the United Kingdom due to the growing deficit in the budget. This new income was only levied on incomes above £150 which in 2014 was fixed at £11,956 (James, 2009, pg. 41).
Income tax in the UK has practically changed over the years. Firstly it was levied on a person’s income even though the persons were not beneficially entitled to the income which was taxed however; at the moment a person pays tax only on the income to which they are beneficially entitled. In 1965, an introduction of corporation tax took out most companies from the then income tax net.
Income and Corporation Taxes Act 1970 consolidated the changes in the taxation. Further, there were changes in the taxation schedules. For instance, in 1988, Schedule B was abolished, in 1996, Schedule C was abolished and in 2003, schedule E was also abolished.
The remaining Schedules were then superseded by an act introduced in 2005(Income Tax (Trading and other Income) Act 2005 particularly for the ...Download file to see next pagesRead More
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