basic rate

British  

noun

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

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Example Sentences

You then pay 20% on earnings between £12,571 and £50,270 - the basic rate - and 40% on anything between £50,271 and £125,140, which is the higher rate.

From BBC

The 27-year-old from Crewe, a basic rate taxpayer who works as a carer for autistic people, says he has to keep a tight grip on his spending to ensure he covers all of his outgoings - limiting what he can do socially.

From BBC

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