The Auctioneers Act 1845 (citation 8 & 9 Vict., c.15) was an Act

Act of Parliament

An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...

 to the Parliament of the United Kingdom

Parliament of the United Kingdom

The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...

, passed during the reign of Queen Victoria on 8 August 1845, with the long title

Long title

The long title is the formal title appearing at the head of a statute or other legislative instrument...

 "An Act to impose a new duty on the licence to be taken out by all auctioneers in the United Kingdom".

The initial Act instituted a tax

Tax

To tax is to impose a financial charge or other levy upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities...

 on license

License

The verb license or grant licence means to give permission. The noun license or licence refers to that permission as well as to the document recording that permission.A license may be granted by a party to another party as an element of an agreement...

s for auctioneers to raise capital

Financial capital

Financial capital can refer to money used by entrepreneurs and businesses to buy what they need to make their products or provide their services or to that sector of the economy based on its operation, i.e. retail, corporate, investment banking, etc....

. This was repealed, however, by the Finance Act 1949.

Only one section of the Act remains in British law

Law

Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...

 - Section 7, which states that auctioneers must place a board with their full name

Name

A name is a word or term used for identification. Names can identify a class or category of things, or a single thing, either uniquely, or within a given context. A personal name identifies a specific unique and identifiable individual person, and may or may not include a middle name...

 and residence

House

A house is a building or structure that has the ability to be occupied for dwelling by human beings or other creatures. The term house includes many kinds of different dwellings ranging from rudimentary huts of nomadic tribes to free standing individual structures...

 that is "publicly visible and legible" in the room where the auction

Auction

An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder...

 takes place before, during and after the auction. This was to allow people to make formal complaint

Complaint

In legal terminology, a complaint is a formal legal document that sets out the facts and legal reasons that the filing party or parties In legal terminology, a complaint is a formal legal document that sets out the facts and legal reasons (see: cause of action) that the filing party or parties In...

s against auctioneers in cases of fraud

Fraud

In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...

 or other offenses. This section was expanded by the Auctions (Bidding Agreements) Act 1927, to impose a penalty of 20 pounds sterling upon any auctioneer who failed to follow the Act.