Working and Child Tax credits and Child Benefit

In April 2003 a new system of tax credits was introduced for parents and people on low incomes. Here are the latest rates and thresholds.

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WORKING TAX CREDIT £ per year 2012/13 2013/14 Basic element £1,920 £1,920 Couple and lone parent element £1,950 £1,970 30 hour element £790 £790 Disabled worker element £2,790 £2,855 Severe disability element £1,190 £1,220 50+ return to work payment (16-29 hours) withdrawn n/a 50+ return to work payment (30+ hours) withdrawn n/a

CHILDCARE ELEMENT, WORKING TAX CREDIT 2012/13 2013/14 Maximum eligible cost for one child £175 per week £175 per week Maximum eligible cost for two children £300 per week £175 per week Per cent of eligible childcare costs covered 70% 70%

CHILD TAX CREDIT £ per year 2012/13 2013/14 Family element £545 £545 Child element £2,690 £2,720 Disabled child element £2,950 £3,015 Severely disabled child element £1,190 £1,220

TAX CREDIT INCOME THRESHOLDS   2012/13 2013/14 First income threshold £6,420 £6,420 First withdrawal rate 41% 41% Second income threshold withdrawn n/a Second withdrawal rate 41% n/a First threshold for those entitled to Child Tax Credit £15,860 £15,910 Income disregard £10,000 £5,000

CHILD BENEFITS  £ a week 2012/13 2013/14 Eldest/only child £20.30 £20.30 Other children £13.40 £13.40

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