Rates of tax credits, income thresholds and withdrawal rates

Released 10th February, 2011|34,281 Views

Rates of tax credits, income thresholds and withdrawal rates

 

April 2011

April 2012

Tax Credits

 

 

Child Tax Credit family element

£545

£545

Family element, baby addition

Withdrawn

Withdrawn

Child element

£2,555

£2,690

Disabled child element

£2,800

£2,950

Severely disabled child element

£1,130

£1,190

Working Tax Credit basic element

£1,920

£1,920

Couple/lone parent element

£1,950

£1,950

30 hour element

£790

£790

Disabled worker element

£2,650

£2,790

Severe disability element

£1,130

£1,190

50+ return to work element (16-29 hours)

£1,365

Withdrawn

50+ return to work element (30+ hours)

£2,030

Withdrawn

Childcare element of Working Tax Credit: maximum eligible cost for one child

£175 per week

£175 per week

Maximum eligible childcare cost for two or more children

£300 per week

£300 per week

Percentage of eligible childcare costs covered

70%

70% 

Tax credit income thresholds and withdrawal rates

 

 

Threshold for maximum Child Tax Credit where neither partner meets conditions for Working Tax Credit

£15,860

£15,860

Income threshold for families who meet conditions for both tax credits

£6,420

£6,420

First withdrawal rate

41%

41%

Second income threshold

£40,000

Withdrawn

Withdrawal rate for families whose income is too high to get the family element in full

41%

Withdrawn