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Tax Credits
November 17, 2011
|
2011/12 |
2010/11 |
|
| Working Tax Credit |
|
|
| Basic element – max. |
1,920 |
1,920 |
| Childcare element 70% (80%) of eligible costs up to £175 per week (£300 if two or more children). |
||
| Child Tax Credit (CTC) |
|
|
| Child element per child – max. |
2,555 |
2,300 |
| Family element |
545 |
545 |
| Baby addition |
- |
545 |
Reductions in maximum rates
41% (39%) of income above £6,420* p.a.
*If only CTC is claimed, the threshold is £15,860 (£16,190) p.a. The family element of CTC is not reduced unless income is more than £40,000 (£50,000) p.a. when the withdrawal rate is 41% (6.67%).
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