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Tax Credits

Tax Credits

Working Tax Credit

Working Tax Credit (WTC)

2011/12
£

2012/13
£

2013/14
£

Basic element

1,920

1,920

1,920

Couples & lone parent element

1,950

1,950

1,970

30 hour element

790

790

790

Disabled worker element

2,650

2,790

2,855

Sever disability element

1,130

1,190

1,220

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

1,365

withdrawn

withdrawn

50+ return to work payment (30+ hours)

2,030

withdrawn

withdrawn

Childcare Element of Working Tax Credit

Childcare Element of WTC

2011/12

2012/13

2013/14

Maximum eligible cost for one child

£175 per week

£175 per week

£175 per week

Maximum eligible cost for two or more children

£300 per week

£300 per week

£300 per week

Percentage of eligible costs covered

70%

70%

70%

Child Tax Credit

Child Tax Credit (CTC)

2011/12
£

2012/13
£

2013/14
£

Family element

545

545

545

Child element

2,555

2,690

2,720

Disabled child element

2,800

2,950

3,015

Severely disabled child element

1,130

1,190

1,220

Income Thresholds & Withdrawal Rates

Income Thresholds & Withdrawal Rates

2011/12
£

2012/13
£

2013/14
£

First income threshold

6,420

6,420

6,420

First withdrawal rate

41%

41%

41%

Second income threshold

40,000

withdrawn

withdrawn

Second withdrawal rate

41%

n/a

n/a

First threshold for those entitled to CTC only

15,860

15,860

15,910

Income rise disregard

10,000

10,000

5,000

Income fall disregard

n/a

2,500

2,500

Child Benefit (£ per week)

Child Benefit (£ per week)

2011/12
£

2012/13
£

2013/14
£

Eldest/only child

20.30

20.30

20.30

Other children

13.40

13.40

13.40

Guardian's Allowance (£ per week)

Guardian's Allowance (£ per week)

2011/12
£

2012/13
£

2013/14
£

Guardian's Allowance

14.75

15.55

15.90

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