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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The extra spending, almost entirely driven by health costs, would need to be covered by a massive 15p hike in the basic rate of income tax to cover the funding gap until 2040, unless reforms are made elsewhere.
A Basic Rate of income tax at 20% for those earning over 13,850
Finance Secretary Derek Mackay signalled the change after refusing to confirm he'd stick to his manifesto commitment to freeze the basic rate of income tax.
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 Tories revealed the election pledge to cut the basic rate of income tax in Wales yesterday, ahead of the publication of their full manifesto today.
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.
This would stop, for example, AMs taking a penny off the top rate but leaving the basic rate of income tax unchanged.
They calculate than an 8% point rise in the basic rate of income tax would mean an average increase for basic rate taxpayers in Scotland of around [pounds sterling]1,000 a year," he added.
If we only got a quarter of this back we could cut nearly 2p off the basic rate of income tax.

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