basic rate

noun

1. the standard or lowest level on a scale of money payable, esp in taxation

Example Sentences

The chancellor has announced the rate at which CGT is charged will go up, from 10% to 18% for basic rate taxpayers, and 20% to 24% for those who pay at the higher rate.

From BBC

Under the current system, savers receive tax relief at the same rate as their income tax - meaning basic rate taxpayers receive relief at 20% and higher rate taxpayers at 40% or 45%.

From BBC

If Reeves goes ahead with the plan, roughly 400,000 more people will find themselves paying income tax at the basic rate.

From BBC

He said returning both the disability and incapacity caseload to pre-pandemic levels would save £12bn, adding: "That would equate to almost 2p off the basic rate of income tax."

From BBC

Asked whether as leader he would commit the Tories to 2p cut to the basic rate of income tax at the next election, he replied that he was not seeking to write the party's next manifesto, but rather to “set out what the choice is”.

From BBC