Duties on Clocks and Watches Act 1797

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Duties on Clocks and Watches Act 1797
Act of Parliament
Coat of Arms of Great Britain (1714-1801).svg
Long title An Act for granting to his Majesty certain duties on clocks and watches.
Citation 37 Geo. 3. c. 108
Territorial extent  Great Britain
Dates
Royal assent 19 July 1797
Commencement 5 July 1797 [a]
Repealed6 August 1861
Other legislation
Amended by Inhabited House, etc., Duties Act 1798
Repealed by Statute Law Revision Act 1861
Status: Repealed
Text of statute as originally enacted

The Duties on Clocks and Watches Act 1797 (37 Geo. 3. c. 108) was an act of the Parliament of Great Britain.

Contents

During the last three decades of the eighteenth century, the price of watches declined and consequently they increased in popularity. [1] William Pitt, the Prime Minister and Chancellor of the Exchequer, decided to tax watches and clocks. The act taxed gold watches at 10 shillings and silver and other metal watches at 2s. 6d. [2] The act also required makers or dealers in watches and clocks to purchase an annual license, costing 2s. 6d. in London and 1 shilling elsewhere. [2]

However, the tax was a failure. It nearly ruined the manufacturers of clocks and watches, with demand for their products declining to such an extent that within a year the manufacture of these items diminished by half. [2] It also caused thousands of workers employed in these trades to emigrate. [2] Consequently, Pitt repealed the tax in April 1798. [3]

Subsequent developments

The whole act was repealed by section 1 of, and the schedule to, the Statute Law Revision Act 1861 (24 & 25 Vict. c. 101).

See also

Notes

  1. Section 1.

References

  1. Dowell, Stephen (1888). A History of Taxation and Taxes in England from the Earliest Times to the Year 1885. Vol. III: Direct Taxes and Stamp Duties. London: Longmans, Green & Co. pp. 272–273.
  2. 1 2 3 4 Dowell 1888, p. 274.
  3. Dowell 1888, p. 275.