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 2p cuts in the basic rates of income tax and corporation taxes masked a higher-than-expected budget deficit and increased forecasts for future public borrowing.
The average family was pounds 900 a year richer, pensioners were pounds 1,400 better off, basic rates of income tax were the lowest for 70 years, and the number of homeowners was up by a million.
However at the last General Election, Labour reaffirmed its 1997 manifesto pledge not to raise the top or basic rates of income tax.
SCOTTISH Secretary Donald Dewar yesterday pledged that a Labour administration in the Scottish Parliament would not raise the basic rates of income tax