The Income Tax Act 1842The citation of this Act by this short title was authorised by the

Short Titles Act 1896 The Short Titles Act 1896 (59 & 60 Vict c 14) is an Act of the Parliament of the United Kingdom. It replaces the Short Titles Act 1892. This Act was retained for the Republic of Ireland by section 2(2)(a) of, and Part 4 of Schedule 1 to, the ...

, section 1 and the first schedule. Due to the repeal of those provisions it is now authorised by section 19(2) of the

Interpretation Act 1978 The Interpretation Act 1978 is an Act of the Parliament of the United Kingdom. The Act makes provision for the interpretation of Acts of Parliament, Measures of the General Synod of the Church of England, Measures of the Church Assembly, subor ...

. (citation 5 & 6 Vict c. 35) was an Act of the

Parliament of the United Kingdom The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative suprem ...

, passed under the government of Robert Peel, which re-introduced an

income tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Ta ...

in Britain, at the rate of 7 pence (2.9%, there then being 240 pence in the pound) in the pound on all annual incomes greater than £150. It was the first imposition of income tax in Britain outside of wartime. Although promoted as a temporary measure, income tax has been levied continually in Britain ever since. In its detail, the Act of 1842 was substantially similar to the

Income Tax Act 1803 Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For ...

introduced by Henry Addington during the

Napoleonic Wars The Napoleonic Wars (1803–1815) were a series of major global conflicts pitting the French Empire and its allies, led by Napoleon I, against a fluctuating array of European states formed into various coalitions. It produced a period of Fre ...

References

External links

* John Paget, ''The Income Tax Act, 5 & 6 Vict. c. 35, with a practical and explanatory introduction and index'', 1842
title pageact
Tax legislation in the United Kingdom United Kingdom Acts of Parliament 1842 Income tax in the United Kingdom {{UK-statute-stub

See also

References

External links