Tax Credits

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Tax Credits

 

2013/14

2012/13

Working Tax Credit

 

Basic element - max

Childcare element

1,920

1,920

70% of eligible costs up to 175 per week (300 if two or more children)

Child Tax Credit (CTC)

Child element

per child - max

2,720

2,690

Family element

545

545

Reductions in maximum rates

41% of income above 6420* p.a.

 

* If only CTC is claimed, the threshold is 15,910 (15,860) p.a. The family element of CTC tapers immediately after the child element from April 2012. The withdrawal rate is 41%.


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