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. 2014.

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  • 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

  • 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

  • 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

  • Starting rate of UK income tax — The starting rate of income tax, often known as the 10p rate, was the lowest rate of personal income taxation imposed in the United Kingdom from 1999 to 2008. It was introduced by the Chancellor of the Exchequer, Gordon Brown, in his 1999 budget… …   Wikipedia

  • 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

  • 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 taxation) …   Big dictionary of business and management

  • income tax — a tax levied on incomes, esp. an annual government tax on personal incomes. [1790 1800] * * * Levy imposed by public authority on the incomes of persons or corporations within its jurisdiction. In nations with an advanced system of private… …   Universalium

  • Income tax in the Netherlands — In the Netherlands there is an income tax, which since 2001 ( Wet inkomstenbelasting 2001 ) is roughly as follows. The fiscal year is the calendar year. No later than March citizens have to report their income of the previous year. The system… …   Wikipedia

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