basic rate of income tax

basic rate of income tax — A rate of income tax between the starting rate and the higher rate. In the UK it is currently 22%, which is applied to that part of taxable income in the band £2091 to £32,400 (2005–06). See also: higher rate of income tax, starting rate of… …   Accounting dictionary

basic rate of income tax — A rate of income tax between the starting rate and the higher rate. In the UK it is 22%, which is applied to that part of taxable income in the band £2091 to £32, 400 (2005 06). See also higher rate of income tax; starting rate of income tax …   Big dictionary of business and management

higher rate of income tax — In the UK, a rate of income tax that is higher than the basic rate of income tax. For 2005–06 higher rate tax is payable on taxable income, after personal allowances and other allowances, of £32,400 and over. The rate of tax is 40% …   Accounting dictionary

starting rate of income tax — A rate of income tax below the basic rate of income tax; it was reintroduced in the UK in 1999 to replace the lower rate of income tax. The starting rate is currently 10%, which is charged on taxable income up to £2090 (2005–06) …   Accounting dictionary

higher rate of income tax — A rate of income tax that is higher than the basic rate of income tax For 2005 06 higher rate tax is payable on taxable income, after personal allowances and other allowances, of £32, 400 and over. The rate of tax is 40% …   Big dictionary of business and management

starting rate of income tax — A rate of income tax below the basic rate of income tax; it was reintroduced in the UK in 1999 to replace the lower rate of income tax The starting rate is currently 10%, which is charged on taxable income up to £2090 (2005 06) …   Big dictionary of business and management

lower rate of income tax — In the UK, a former rate of income tax below the basic rate of income tax. It was re introduced in 1992–93 at 20%; in 1999 it was replaced with the starting rate of income tax …   Accounting dictionary

lower rate of income tax — A former rate of income tax below the basic rate of income tax In 1999 it was replaced with the starting rate of income tax …   Big dictionary of business and management

basic rate — ➔ rate1 * * * basic rate UK US noun [S] TAX ► in the UK, the level of income tax that most people pay: »Index linked certificates are worth 4.8% to those paying tax at the basic rate. cut/increase/raise the basic rate »The party has no intention… …   Financial and business terms

basic-rate — UK US noun [S] TAX ► in the UK, the level of income tax that most people pay: »Index linked certificates are worth 4.8% to those paying tax at the basic rate. cut/increase/raise the basic rate »The party has no intention of raising the basic rate …   Financial and business terms

income tax — IT A direct tax on an individual s income. In general, individuals can earn income without paying tax up to a threshold, with subsequent income giving rise to tax liabilities, usually at increasing rates as income increases ( progressive… …   Accounting dictionary