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higher rate of income tax

A Dictionary of Business and Management | 2006 | © A Dictionary of Business and Management 2006, originally published by Oxford University Press 2006. (Hide copyright information) Copyright

higher rate of income tax A rate of income tax that is higher than the basic rate of income tax. For 2005–06 higher-rate tax is payable on taxable income, after personal allowances and other allowances, of £32,400 and over. The rate of tax is 40%.

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