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English definition of “basic rate”

basic rate

noun [S]     TAX
in the UK, the level of income tax that most people pay: Index-linked certificates are worth 4.8% to those paying tax at the basic rate.cut/increase/raise the basic rate The party has no intention of raising the basic rate of income tax at present.
basic-rate adjective [before noun]
(Definition of basic rate noun from the Cambridge Business English Dictionary © Cambridge University Press)
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