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Tax credits
Changes to tax credits from 2011
| Working tax credit | ||
| 2011/12 | 2010/11 | |
|---|---|---|
| Basic element | £1,920 | £1,920 |
| Couple and lone parent element | £1,950 | £1,890 |
| 30 hour element1 | £790 | £790 |
| Disabled worker element | £2,650 | £2,570 |
| Severe disability element | £1,130 | £1,095 |
| 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% | 80% |
| Child tax credit | ||
| Child tax credit family element | £545 | £545 |
| Family element, baby addition | Withdrawn | £545 |
| Child element | £2,555 | £2,300 |
| Income thresholds and withdrawal rate | ||
| First income threshold | £6,420 | £6,420 |
| First withdrawal rate | 41% | 39% |
| Second income threshold | £40,000 | £50,000 |
| Second withdrawal rate | 41% | 6.67% |
| First threshold for those entitled to child tax credit only | £15,860 | £16,190 |
| Income disregard | £10,000 | £25,000 |
1) This reduces to 16 hours for those 60 and over.
Main taxes
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals
