Basic Rate of Income Tax

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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Scottish Conservative interim leader Jackson Carlaw MSP claimed an annual charge of PS400 a year for this would be the equivalent of hiking the basic rate of income tax from 20p to 30p for those earning the real living wage.
The party said a fee similar to the PS400 workplace parking levy in Nottingham would be like raising the basic rate of income tax from 20p to 30p.
The Government talks glibly about increased personal allowances on the basic rate of income tax. But that's just the start of it.
Every news bulletin I watch, be it BBC, Sky, ITV etc, there is invariably a segment where a politician or such like are removing themselves from a car, the press seem to be fenced-in across the street and they all start yelling at them with inane questions such as "Are you going to resign Prime Minister?" or "Will you be raising the basic rate of income tax in the Spring budget, Chancellor?" or "Who do you fancy in the 2:30 at Pontefract Your Majesty?".
A Basic Rate of income tax at 20% for those earning over 13,850
A survey found that seven out of 10 Brits would pay an extra 1p on the basic rate of income tax to save the NHS.
The basic rate of income tax is currently 20p and the higher rate, levied on annual income above PS43,000, is currently 40p.
After all, Scotland already has powers to alter the basic rate of income tax through the unused Scottish Variable Rate (SVR).
The basic rate of income tax remains unchanged at 20% as does higher rate tax of 40%, but the threshold at which 40% tax applies will increase from PS42,385 in 2015/16 to PS43,000 in 2016/17.
The allowance means a spouse or civil partner who doesn't pay tax, or tax above the basic rate of income tax, can transfer up to PS1,060 of their personal tax-free allowance to a spouse or civil partner - as long as the recipient of the transfer doesn't pay more than the basic rate of income tax.
High economic growth in Uzbekistan will be provided by consistent implementation of fiscal and monetary policies aimed at reducing the tax burden in the economy: (i) basic rate of income tax is to be reduced to 7.5%; (ii) single tax rate for companies in construction sector is to be reduced to 5%.
This would stop, for example, AMs taking a penny off the top rate but leaving the basic rate of income tax unchanged.

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