From Longman Business Dictionarystandard rateˌstandard ˈrate British EnglishTAX1the rate of income tax paid by most people who earn enough to pay tax but not enough to pay a high rate of taxThe government has cut the standard rate of income tax to 25p in the pound.2the normal rate of VALUE ADDED TAX paid on goodsThe cost of the building work would attract Value Added Tax at the standard rate. → rate
