Tax Rates & Allowances Menu
- Introduction
- Income Tax Rates
- Income Tax Reliefs
- Tax Credits
- Pension Premiums
- Car, Van and Fuel Benefits 2013/14
- Mileage Allowance Payments
- Individual Savings Accounts (ISAs)
- Corporation Tax
- Capital Allowances
- Value Added Tax
- Capital Gains Tax
- Inheritance Tax
- Stamp Duty & Stamp Duty Land Tax
- National Insurance
- Main Social Security Benefits
- Self Assessment: Key Dates 2013/14
- Disclaimer
Tax Credits
2013/14 |
2012/13 |
|
| Working Tax Credit | ||
| Basic element - max. | 1,920 | 1,920 |
| Childcare element 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 £6,420* 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%.