Tax Credits 2014-2015Check out our comments on Child Benefit in our newsletter:
- Child Benefit tax planning advice in our Dec 2013 newsletter
|Working Tax Credit||2014/15||2013/14|
|Basic element – max.||1,940||1,920|
|Childcare element 70% of eligible costs up to £175 per week (£300 if two or more children).|
|Child Tax Credit (CTC)||2014/15||2013/14|
|Child element per child – max.||2,750||2,720|
Reductions in maximum rates
41% of income above £6,420* p.a.
*If only CTC is claimed, the threshold is £16,010 (£15,910) p.a. The family element of CTC tapers immediately after the child element at a rate of 41%.