Your Go-To Guide for Understanding UK Income Tax
Video: Roni Aaryan Income tax in the United Kingdom is a vital component of the nation's revenue system, funding public services such as healthcare, education, and infrastructure. The system is structured to ensure equity and efficiency, balancing the need to raise funds with considerations of fairness and economic impact. This article provides an in-depth look at how UK income tax operates, its rates, allowances, and the implications for different segments of society. Historical Context The UK’s income tax system has evolved significantly since its inception. Introduced in 1799 by Prime Minister William Pitt the Younger to fund the Napoleonic Wars, it was a temporary measure. However, it became a permanent fixture in 1842 under Sir Robert Peel. Over the centuries, the system has seen numerous reforms to address changing economic conditions and societal needs. Income Tax Structure Taxable Income Income tax is levied on various forms of income, including: Earnings from employment...