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Tax Rates & Allowances

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Tax Credits

 

2012/13
£

2011/12
£

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. 2,690 2,555
Family element 545 545

Reductions in maximum rates

41% of income above £6,420* p.a.

*If only CTC is claimed, the threshold is £15,860 p.a. The family element of CTC tapers immediately after the child element from April 2012. The withdrawal rate is 41%.