Income tax 2 History of taxation in the United Kingdom

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tax revenues percentage of gdp u.k. in comparison oecd , eu 15.


in 1971 top rate of income tax on earned income cut 75%. surcharge of 15% kept top rate on investment income @ 90%. in 1974 cut partly reversed , top rate on earned income raised 83%. investment income surcharge raised top rate on investment income 98%, highest permanent rate since war. applied incomes on £20,000 (£191,279 of 2016),. in 1974 750,000 people liable pay top-rate of income tax.


margaret thatcher, favoured indirect taxation, reduced personal income tax rates during 1980s. in first budget after election victory in 1979, top rate reduced 83% 60% , basic rate 33% 30%. basic rate cut 3 successive budgets – 29% in 1986 budget, 27% in 1987 , 25% in 1988. top rate of income tax cut 40% in 1988 budget. investment income surcharge abolished in 1985.


under government of john major basic rate reduced in stages 23% 1997.








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