Apr 11
29
Working Tax Credits
Working Tax Credits
For full information and video transcript, please visit: www.thurrock.gov.uk Tax credits are payments to you from the government. There are a number of different types, such as Child Tax Credit, which is paid to almost all families with children, and Working Tax Credit, which tops up the incomes of families working but earning low wages. This video explains about the childcare element of Working Tax Credit and how it affects parents and childcare providers. This content is also available in other languages. ** CHANGES TO CHILD TAX CREDIT AND WORKING TAX CREDIT Budget 2010 announced several changes to Child and Working Tax Credits, including: – raising the second withdrawal rate (the amount taken off your tax credit entitlements depending on your income) to 41 per cent from 6.67 per cent. – lowering the amount of your income not taken into account from £25000 to £10000, and then £5000. – increasing the rate at which tax credit awards are reduced. – removing the one-off payment for new workers over 50 from April 2012. – no Child Tax Credit from April 2011 for families earning more than £40000 per year. – aligning the income levels (thresholds) for the child and family elements. – removing the baby element from April 2011. – increasing the child element by £150 above inflation in April 2011 and £60 above inflation in April 2012. Please ring the tax credit helpline 0845 300 3900 to discuss your individual circumstances. The information in this DVD is for guide only. Certain …
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