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basic rate

British

noun

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

"Collins English Dictionary — Complete & Unabridged" 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

Example Sentences

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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.

From BBC

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.

From BBC

It is more than half a century since a chancellor of the exchequer chose to put up the basic rate of income tax.

From BBC

The basic rate of income tax has not been raised since the 1970s.

From BBC

The basic rate of 20% applies to income between £12,571 and £50,27, while earnings from £50,271 to £125,140 are taxed at the higher rate of 40%.

From BBC

Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023