Maidment Judd Chartered Accountants
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04/05 Tax Credits
2004/05
£		 2003/04
£
Working tax credit (WTC)
Basic element
- max. 1,570 1,525
Childcare element 70% of eligible costs to a max. of £135 per week (£200 if two or more children)
Child tax credit (CTC)
Child element
per child - max. 1,625 1,445
Family element 545 545
Baby addition 545 545

Reductions in maximum rates37% of income above £5,060*p.a.

*If only CTC is claimed, the threshold is £13,480 p.a. (£13,230). The family element of CTC is not reduced unless income is more than £50,000 p.a. when it is reduced by £1 for every £15 of additional income.

 

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