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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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The basic rate of income tax is currently 20 per cent after Gordon Brown cut the rate in one of his last acts as Chancellor in 2007.
The basic rate of income tax is currently 20% after Gordon Brown cut the rate in one of his last acts as Chancellor in 2007.
Gordon Brown also said last night that Labour would not raise the basic rate of income tax if it won the general election, promising to keep it at 20p in the pound.
 
 
 
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