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:
“Dear common flower, that grow’st beside the way,
Fringing the dusty road with harmless gold,
First pledge of blithesome May,
Which children pluck, and, full of pride, uphold,
Hight-hearted buccaneers, o’erjoyed that they
An Eldorado in the grass have found,
Which not the rich earth’s ample round
May match in wealth—thou art more dear to me
Than all the prouder summer-blooms may be.”
—James Russell Lowell (1819–1891)
“School success is not predicted by a child’s fund of facts or a precocious ability to read as much as by emotional and social measures; being self-assured and interested: knowing what kind of behavior is expected and how to rein in the impulse to misbehave; being able to wait, to follow directions, and to turn to teachers for help; and expressing needs while getting along with other children.”
—Daniel Goleman (20th century)