Article Index
Budget 2007
Personal Allowances
Taxation of Dividends
Personal Income Tax Reliefs
Benefits in Kind
Advisory Fuel Rates for Company Cars
Tax Free Approved Mileage Rates
Enterprise Investment Scheme
Venture Capital Trusts (VCT)
Approved Employee Share Schemes
Individual Savings Accounts (ISA)
Child Trust Fund
Registered Pension Schemes
Capital gains tax
Inheritance Tax
Corporation Tax (Corporate Tax)
Corporate Capital Gains
Corporate Venturing Scheme
Construction Industry Scheme
Capital Allowances and Reliefs
Value Added Tax
National Insurance Contributions (NIC)
Tax Credits
Gifts To Charities
Landfill Tax
Insurance Premium Tax
Aggregates Levy
Climate Change Levy
Stamp Duty
Dates For Payment Of Tax
Key Filing Dates

Page 23 of 31

Budget 2007

Tax Credits

Working Tax Credit (WTC)

	2007/08	2006/07
	£	£
Annual
Basic element	1,730	1,665
Second adult or lone parent addition	1,700	1,640
30 hour element	705	680
Disability element	2,310	2,225
Severe disability element	980	945
Age 50+ element working 16-29 hours per week¹	1,185	1,140
Age 50+ element working 30+ hours per week¹	1,770	1,705
Weekly
Childcare element
maximum eligible cost for 1 child ²	175	175
maximum eligible cost for 2 or more children ²	300	300

Claimants can be eligible for each element.
Claim reduced by 37p for every £1 of annual income over £5,220.

¹ Mutually exclusive
² Reduced to 70% of eligible cost

Child Tax Credit (CTC)

	2007/08	2006/07
	£	£
Annual
Family element (double in year of birth)¹	545	545
Child element (per child)²
- disabled child	4,285	4,115
- severely disabled child	5,265	5,060
- any other child	1,845	1,765

¹ Claim reduced by £1 for every £15 of annual income over £50,000.
² Where only CTC available claim reduced by 37p for every £1 of annual income over £14,495 ( £14,155 2006/2007); £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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