Tax Credits 2014-2015

Check out our comments on Child Benefit in our 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
Family element 545 545

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%.

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