basic rate meaning
[Business]
noun [C] (BrE)
noun [C] (BrE)
(Accounting ) basic rate (of tax/income tax)
the normal level of income tax, that most people or companies pay:
a cut of 2p in the basic rate of income tax
The current basic rate of company tax is 30% of taxable income.
[Economics]
The normal rate of UK income tax. This was previously called standard rate. In 2000-01 it was 22 per cent. This rate applies to all taxable non-saving incomes above a lower limit, below which a lower rate is payable, and below an upper limit, above which a higher rate is payable; the basic rate in fact applies to most UK taxable income.
- basic rate interface: [Computer]<comm ...
- basic rate of income tax: [Economics]A rate ...
- basic: Adjective: basic&n ...
Examples
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- bri basic rate interference
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