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5th April: The History

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  • 5th April: The History

    How come the UK tax year ends on 5th April?

    The government's financial year originally ended on Michaelmas Day, 29th September. In 1752, on the change from the Julian to the Gregorian calendar, the calendar year "lost" a total of eleven days. The financial year was not, however, shortened and therefater ended on 10th October, the equivalent of the former 29th September after adding back the lost eleven days. The Quarter days for public accounting purposes were also changed by eleven days so at the Christmas Quarter day moved forward to 5th January, Lady Day from 25th March to 5th April, and Midsummer from 24th June to 5h July.

    In 1799, the government's accounting period was altered to end on 5th January to bring it into line with the Trade and Navigation accounts and the then current commercial practice. This was the position up to 1832. Estimates of future expenditure and the Budget proposals were always presented to parliament at much the same time as they are today which meant that parliament could not consider the main financial proposals for the year until some time after the year had begun. In order to correct this position, Lord Althorp introduced his budget for the year 1832 to run for the fifteen months from 6h January, 1832 to 5th April, 1833 and thereafter the budget financial year ended on 5th April. Income tax, which had been abolished since 1817, was re-introduced by Sir Robert Peel in 1842 and the income tax year was based on the budget year ending on 5th April.

  • #2
    Interesting history of tax periods. I would have guessed it had more to do with agricultural cycles -- but no. Calendars are but arbitrary measures anyway. The Julian calendar was introduced in 46 BC by Julius himself but it lost about three days every four centuries. The Gregorian reform of 1582 adjusted for that.

    What is your opinion of a flat tax rate with no loopholes? All income is taxed at the same rate. No exemptions.

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    • #3
      Prefer progressive tax with no loopholes probably better.

      Flat tax sounds good but low income folks have to purchase same basic necessities as high income folks. Leaves them less money left over to pay taxes, at the same rate as those earning higher income amounts.

      Upside of flat tax is would nearly dismantle the over bloated IRS and put thousands of tax accounts out of work.

      On second thought, give me flat tax.
      Whenever you find yourself on the side of the majority, it is time to pause and reflect.

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      • #4
        Originally posted by Texpat View Post
        Interesting history of tax periods. I would have guessed it had more to do with agricultural cycles -- but no. Calendars are but arbitrary measures anyway. The Julian calendar was introduced in 46 BC by Julius himself but it lost about three days every four centuries. The Gregorian reform of 1582 adjusted for that.

        What is your opinion of a flat tax rate with no loopholes? All income is taxed at the same rate. No exemptions.
        Very Euro-centric of you, Tex.

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        • #5
          Tax

          Mid's suggestion : earn as much as you are able TAX FREE .

          Be taxed each and every time you spend
          http://thailandchatter.com/showthrea...ll=1#post45112

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          • #6
            Originally posted by Mid View Post
            Tax

            Mid's suggestion : earn as much as you are able TAX FREE .

            Be taxed each and every time you spend
            Agreed, as it's reasonable and fair.

            More importantly for the commons, would be a sliding scale tax for corporations.
            No legal loop-holes nor special privileges or tax breaks.

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            • #7
              What is your opinion of a flat tax rate with no loopholes? All income is taxed at the same rate. No exemptions.
              Basically, like it- I'd personally make an exemption for those at or below the poverty line though.
              Not just personal income- capital gains, 'gifts' to beneficiaries, dividends, interest payments, & corporate income too.

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              • #8
                I've never fully understood why capital gains are taxed at a lower rate than income. I understand investment capital is required for start-ups, but shouldn't the beneficiary, not the treasury foot that bill?

                I've also never understood mortgage deductions. So many of these gimmicks intended to reward or punish certain behaviors are outdated and unnecessary in my opinion. If property is so valuable, let the buyers sink their blood and tears into it. A simple solution is best (Occam's razor). Establishing a poverty threshold for taxes (any threshold really) yields scammers cheating to get under the limbo pole.

                Another notion that strikes me as odd is relying on people to be honest.
                I like the way Thai banks take the tax out of investment earnings rather than leaving it up to the recipient of those earnings to report them at the end of the year. Most people will cheat if given the opportunity. For example, I wonder if the Thai banks forward that revenue on to the treasury.

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