Tax credits
| Working tax credit | ||
| 2013/14 | 2012/13 | |
|---|---|---|
| Basic element | £1,920 | £1,920 |
| Couple and lone parent element | £1,970 | £1,950 |
| 30 hour element1 | £790 | £790 |
| Disabled worker element | £2,855 | £2,790 |
| Severe disability element | £1,220 | £1,190 |
| Childcare element of working tax credit | ||
| Maximum eligible cost for one child | £175 p.w. | £175 p.w. |
| Maximum eligible cost for two or more children | £300 p.w. | £300 p.w. |
| Percentage of eligible costs covered | 70% | 70% |
| Child tax credit | ||
| Child tax credit family element | £545 | £545 |
| Child element | £2,720 | £2,690 |
| Income thresholds and withdrawal rate | ||
| Income threshold | £6,420 | £6,420 |
| Withdrawal rate | 41% | 41% |
| First threshold for those entitled to child tax credit only | £15,910 | £15,860 |
| Income rise disregard | £5,000 | £10,000 |
| Income fall disregard | £2,500 | £2,500 |
Did you know?
That tax credits are projected to cost £2.8 billion (2012/13 - £3.1 billion).
