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Basic rate tax |
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Basic rate taxThe 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)Similar MatchesBasic business strategiesBasic business strategiesKey strategies a firm intends to pursue in carrying out its business plan. Basic import priceBasic import priceSee minimum price system. Basic valuationBasic valuationThis is carried out for the purposes of mortgage and is prepared for the lender. A survey will also help you to find out independently whether the price is reasonable. Your mortgage lender will almost certainly insist on a basic valuation to make sure that the property is worth the amount you are paying for it. They want to ensure that you will be able to sell it again and therefore that it is a safe investment. Although it is often referred to as a survey, it doesn't go into nearly as much detail as a homebyuyer or full survey would do. Basic IRR ruleBasic IRR ruleAccept the project if IRR is higher than the discount rate; reject the project if it is lower than the discount rate. It is wise to also consider net present value for project evaluation. Basic state pensionBasic state pensionSee 'state pension'. Further SuggestionsNational Insurance (NI) Basic Pensionbasic sum assured Basic balance Basic balance |
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