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Budget 2006
Tax Credits
Working Tax Credit (WTC)
| 2006/07 | 2005/06 | |
|
£
|
£
|
|
| Annual | ||
| Basic element |
1,665
|
1,620
|
| Second adult or lone parent addition |
1,640
|
1,595
|
| 30 hour element |
680
|
660
|
| Disability element |
2,225
|
2,165
|
| Severe disability element |
945
|
920
|
| Age 50+ element working 16-29 hours per week* |
1,140
|
1,110
|
| Age 50+ element working 30+ hours per week* |
1,705
|
1,660
|
| Weekly | ||
| Childcare element | ||
| maximum eligible cost for 1 child † |
175
|
175
|
| maximum eligible cost for 2 or more children † |
300
|
300
|
Claimants can be eligible for each element
Claim reduced by 37p for every £1 of annual income over £5,220
* Mutually exclusive
† Reduced to 70% of eligible cost
Child Tax Credit (CTC)
| 2006/07 |
2005/06
|
|
|
£
|
£
|
|
| Annual | ||
| Family element (double in year of birth)* |
545
|
545
|
| Child element (per child)† | ||
| - disabled child |
4,115
|
3,975
|
| - severely disabled child |
5,060
|
4,895
|
| - any other child |
1,765
|
1,690
|
*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 £14,155 ( £13,910 2005/2005); £5,220 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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