Tax Credits
Tax Credits
Changes to tax credit rates were announced in the Autumn. The family
element of Child Tax Credit (£545) has been paid to couples with incomes
up to £50,000, and it was reduced to nothing when combined income
reached £58,000; in 2011/12 it will start to be tapered away when income
is £40,000 and will be zero by £41,330. Other important changes include
the reduction of the 'disregard' of increases in income from £25,000 to
£10,000.
Pensioners
The basic retirement pension will rise for 2011/12 by 4.6% to £102.15 for a single person.
