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Sales taxes are imposed only on taxable transfers of goods or services. The tax is computed as the tax rate times the taxable transaction value. Rates vary by state, and by locality within a state. [5] Not all types of transfers are taxable. The tax may be imposed on sales to consumers and to businesses.
Inflation more than doubled between 1914 and its peak in 1920, while the value of the Pound Sterling fell by 61.2 percent. Reparations in the form of free German coal depressed the local industry, precipitating the 1926 General Strike. During the war British private investments abroad were sold, raising £550 million.
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