According to Ken Waters in Pet Loads, it was created by Robert Chatfield-Taylor in the early 1970s, with the first rifle in this caliber being a factory barreled Winchester Model 70.
[2] With maximum loads, the cartridge is capable of propelling a 400-grain (26 g) bullet at an average of 2,350 ft/s (720 m/s) from a 24 in (61 cm) barrel [3] yielding a muzzle energy of 4,903 ft⋅lbf (6,648 J).
He reported that an absolute maximum load of certain listed powders would push a 400-grain (26 g) bullet to 2,400 ft/s (730 m/s), thereby equaling (and perhaps exceeding) the performance of the .416 Rigby (presuming moderate temperatures and barometric pressures).
Under normal hunting conditions, the Taylor cartridge is therefore capable of taking any of the largest and most dangerous game animals in the world.
[5] The advantages to cartridges in .416 inch bullet diameter are that they generally present the shooter with less recoil and flatter trajectory than the larger .458 caliber dangerous game rifles (like the .458 Winchester Magnum).