Britain’s government, led by Robert Peel, reintroduces…

Britain’s government, led by Robert Peel, reintroduces the Income Tax.

The Income Tax Act of May 11, 1842, establishes the first peacetime income tax in the United Kingdom; seven pence in the pound, for incomes over one hundred and fifty pounds.

Peel, now viewed as something of a political healer, encourages the abolition of tariffs in an advance toward free trade.