Excerpt from The New Income Tax: In Relation to the War Business
Income Tax was created as a war tax, and many years passed before it became recognised as an ordinary method of raising revenue. The outbreak of the present war rendered a large increase in the current rates inevitable, and these were stated by the Chancellor of the Exchequer in his speech of the 17th November, 1914, and became law by virtue of the second Finance Act, 1914.
If the total taxable income exceeds ?2,500 there is no abatement on such part as is "earned income."
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