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Budget 2005
Tax Credits
Working Tax Credit (WTC)
Applies from 6 April 2003
| 2005/06 | 2004/05 | |
|
£
|
£
|
|
| Annual | ||
| Basic element |
1,620
|
1,570
|
| Second adult or lone parent addition |
1,595
|
1,545
|
| 30 hour element |
660
|
640
|
| Disability element |
2,165
|
2,100
|
| Severe disability element |
920
|
890
|
| Age 50+ element working 16-29 hours per week* |
1,110
|
1,075
|
| Age 50+ element working 30+ hours per week* |
1,660
|
1,610
|
| Weekly | ||
| Childcare element | ||
| maximum eligible cost for 1 child † |
175
|
135
|
| maximum eligible cost for 2 or more children † |
300
|
200
|
Claimants can be eligible for each element
Claim reduced by 37p for every £1 of annual income over £5,220 (£5,060 2004/05)
* Mutually exclusive
† Reduced to 70% of eligible cost
Child Tax Credit (CTC)
| 2005/06 |
2004/05
|
|
|
£
|
£
|
|
| Annual | ||
| Family element (double in year of birth)* |
545
|
545
|
| Child element (per child)† | ||
| - disabled child |
3,975
|
3,840
|
| - severely disabled child |
4,895
|
4,730
|
| - any other child |
1,690
|
1,625
|
* Claim reduced by £1 for every £15 of annual income over £50,000
† Where only CTC available claim reduced by 37p for every £1 of annual income over £13,910 ( £13,480 2004/2005); £5,220 (£5,060 2004/05) where WTC also available
The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.
This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.
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