Tax Credits

 

2014/15
£

2013/14
£

Working Tax Credit
Basic element - max. 1,940 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. 2,750 2,720
Family element 545 545


Reductions in maximum rates

41% of income above £6,420* p.a.

*If only CTC is claimed, the threshold is £16,010 (£15,910) p.a. The family element of CTC tapers immediately after the child element at a rate is 41%.