Modern income tax started with Pitt the Younger. As PM and Chancellor of the Exchequer, he was faced with shoring up the nation’s coffers for the war with Napoleon. In Pitt’s1798 budget, he introduced the tax and it came into force on 9 January 1799. Levied at one per cent on annual incomes above £60,… Continue reading #OTD 9 January – Tax comes in
Tag: income tax
#OTD 6 April
The fiscal or financial or budget year is different for everyone. Most public companies use the calendar year. The various local, state and federal governments of Australia, being the Antipodes, do the opposite, starting on 1 July. In the UK, the fiscal year starts in between, on 1 April. For the government, at least. English… Continue reading #OTD 6 April