basic rate

noun

1. the standard or lowest level on a scale of money payable, esp in taxation

Example Sentences

The government then laid the ground to raise the basic rate of income tax for the first time in 50 years, which would have broken a promise from its 2024 general election manifesto.

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The government then laid the ground to raise the basic rate of income tax for the first time in 50 years, which would have broken a promise from its 2024 general election manifesto.

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The Fraser of Allander Institute has estimated a 2p rise in the basic rate of tax elsewhere in the UK could cut Scotland's budget by up £1bn, unless the Scottish government matches the increase with its own tax rise.

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The Fraser of Allander Institute, an independent economic research unit at the University of Strathclyde, has estimated that a two percentage point increase in the basic rate of UK income tax would lead to a cut of about £1bn in Scotland's block grant in each of the next three financial years.

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This figure rises to £972m if the UK basic rate increased by two percentage points, with cuts of more than £1bn to the block grant in each of the two following years.

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