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:
“Such were the first rude beginnings of a town. They spoke of the practicability of a winter road to the Moosehead Carry, which would not cost much, and would connect them with steam and staging and all the busy world. I almost doubted if the lake would be there,—the self-same lake,—preserve its form and identity, when the shores should be cleared and settled; as if these lakes and streams which explorers report never awaited the advent of the citizen.”
—Henry David Thoreau (1817–1862)
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—Daniel Goleman (20th century)