Tax Credits

	2011/12 £	2010/11 £
Working Tax Credit
Basic element - max.	1,920	1,920
Childcare element 70% (80%) of eligible costs up to £175 per week (£300 if two or more children).
Child Tax Credit (CTC)
Child element per child - max.	2,555	2,300
Family element	545	545
Baby addition	-	545

Reductions in maximum rates

41% (39%) of income above £6,420* p.a.

*If only CTC is claimed, the threshold is £15,860 (£16,190) p.a. The family element of CTC is not reduced unless income is more than £40,000 (£50,000) p.a. when the withdrawal rate is 41% (6.67%).

For more information please see our Tax Rates and Allowances information
or please Contact Us.