Uk Income Tax Super Tax
December 24th, 2009
Question: What were the rates of income tax in the UK before Thatcher?
I have read a few modern political history books which mention that rates of income tax were much tougher on the “super-rich” before Thatcher and her cabinet reduced top income taxes down to 40%. Yet I cannot find out exactly who paid what, i.e. what the percentages of tax were for different income brackets. I am no longer a student and I cannot find any detailed information on the internet – especially as I cannot access economics journals.
As a penniless 28-year-old who wasn’t alive before Thatcher’s reign, I would be fascinated to find out how the big-earners were taxed back in the old days. Do any fellow politics geeks out there know?
Answer: Oh, yes. Good old Surtax! Used to drive all the wealthy into living abroad in more tax friendly communities. Look at http://www.hmrc.gov.uk/rates , into archives, then income tax rates and allowances from 1948/49.
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