The Road Fund was a British Government fund designated to pay for the building and maintenance of the United Kingdom road network. Its income came originally from vehicle excise duty, until that ceased to be hypothecated for roads use in 1936, and then from government grants. It was created by the Roads Act 1920 and Finance Act 1920, and was wound up in Miscellaneous Financial Provisions Act of 1955.
The Road Fund is notable as one of the few beneficiaries of hypothecated taxation in British history, and is the root of a popular misconception that vehicle excise duty (especially when referred to as road tax) is still hypothecated. Between 1920 and 1936 the vehicle licence (tax disc) was officially known as the "Road Fund Licence", a term which is still in colloquial use today.
Read more about Road Fund: History, Winding Up, See Also
Famous quotes containing the words road and/or fund:
“Down the road someone is practicing scales,
The notes like little fishes vanish with a wink of tails,”
—Louis MacNeice (1907–1963)
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
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