basic rate

noun

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

Example Sentences

The basic rate of 20% is paid on annual earnings between £12,571 and £50,270.

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"So, if you are a basic rate taxpayer who would have paid 20% income tax it means you get 20% tax relief on your pension contribution," says Helen Morrisey, head of retirement analysis at Hargreaves Lansdown.

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A basic rate taxpayer can earn £1,000 in savings interest a year before paying tax.

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The chancellor has announced the rate at which CGT is charged will go up, from 10% to 18% for basic rate taxpayers, and 20% to 24% for those who pay at the higher rate.

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Under the current system, savers receive tax relief at the same rate as their income tax - meaning basic rate taxpayers receive relief at 20% and higher rate taxpayers at 40% or 45%.

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