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Page 24 of 31
Budget 2004
Miscellaneous
Tax Credits
Working Tax Credit (WTC)
Applies from 6 April 2003
| |
2004/05 |
2003/04 |
| |
£
|
£
|
| Annual |
| Basic element |
1,570
|
1,525
|
| Second adult or lone parent addition |
1,545
|
1,500
|
| 30 hour element |
640
|
620
|
| Disability element |
2,100
|
2,040
|
| Severe disability element |
890
|
865
|
| Age 50+ element working 16-30 hours per week* |
1,075
|
1,045
|
| Age 50+ element working at least 30 hours per week* |
1,610
|
1,565
|
| Weekly |
| Childcare element |
| maximum eligible cost for 1 child † |
135
|
135
|
| maximum eligible cost for 2 or more children † |
200
|
200
|
Claimants can be eligible for each element
Claim reduced by 37p for every £1 of annual income over £5,060
Child Tax Credit (CTC)
| |
2004/05 |
2003/04
|
| |
£
|
£
|
| Annual |
| Family element (double in year of birth)* |
545
|
545
|
| Child element (per child)† |
| - disabled child |
3,840
|
3,600
|
| - severely disabled child |
4,730
|
4,465
|
| - any other child |
1,625
|
1,445
|
*
Pension Credit
Introduced 6 October 2003
Payable from age 60 * subject to income levels
Two elements
- guaranteed credit, available to all aged 60 and over
- savings credit, available to those aged 65 and over who have made provision for retirement eg, savings, personal pension
|
£
|
| Maximum capital for pension credit to be unaffected †‡ |
6,000.00
|
| Standard amount needed for day-to-day living § |
- single person per week
|
102.10
|
| - couple per week |
155.80
|
| Savings credit starting point qualifying income |
| - single person per week |
77.45
|
| - couple per week |
123.80
|
| Maximum guaranteed pension credit |
- single person per week
|
14.79
|
| - couple per week |
19.20
|
| Maximum savings credit |
- single person per week
|
14.79
|
| - couple per week |
19.20
|
* Applies where at least one party in a couple is aged 60
† Per person, or if a couple, per couple
‡ £10,000 if living in a care home
§ May include extras for disability, carers and housing
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