In the UK, the basic rate of income tax is the lower band of income tax rates, currently set at 20%. This rate applies to the first £32,000 of taxable income for the 2016-2017 tax year.
A tax based on the value of property owned by a taxpayer. In the UK, council tax and business rates are charged based on the property’s value, defined by a series of value bands which depend on the region.
