Basic Rate of Income Tax

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Basic Rate of Income Tax

The term for the second-lowest marginal tax rate in the United Kingdom. In 2008, one paid the basic rate on all personal income and savings (after personal allowances) below 37,400 pounds, unless one earned less than 2,440 pounds, in which case one paid the lower rate. The basic rate on dividend income in 2008 was 10%. Most Britons pay the basic rate on most of their income.
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Mr Blair said basic income tax rates had fallen since Labour came to power, and the one per cent rise in National Insurance was a specific tax rise to fund the NHS.

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