Basic rate tax - The main rate of income tax in the UK, which for the year 2003-2004 is 22%. The rate is applied to each individual"s Taxable Income which is calculated as:Income - Reliefs - AllowancesThe basic rate is only applied to the income between £1,961 and £30,500, as the following table illustrates.£1-£1,960: tax rate is 10% (starting rate) - tax on band is £196£1,961-£30,500: tax rate is 22% (basic rate) - tax on band is £6,278.58Over £30,500: tax rate is 40% (higher rate)
Basic rate tax : the main rate of income tax in the uk, which for the year 2003-2004 is 22%. the rate is applied to each individual"s taxable income which is calculated as:income - reliefs - allowancesthe basic rate is only applied to the income between £1,961 and £30,500, as the following table illustrates.£1-£1,960: tax rate is 10% (starting rate) - tax on band is £196£1,961-£30,500: tax rate is 22% (basic rate) - tax on band is £6,278.58over £30,500: tax rate is 40% (higher rate)
Basic rate tax