taxation brackets

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Figures between which taxable income or wealth is taxed at a specified rate. For example, in the UK for 2007–08, taxable income up to £2230 attracts tax at 10%, from £2230 to £34,600 the basic rate of 22% applies, and over £34,600 the higher rate of 40% has to be paid. See also bracket indexation.

Subjects: Financial Institutions and Services.

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