Maidment Judd Chartered Accountants
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05/06 Tax Credits
2005/06
£		 2004/05
£
Working tax credit (WTC)
Basic element
- max. 1,620 1,570
Childcare element 70% of eligible costs to a max. of £175 per week (£300 if two or more children)
Child tax credit (CTC)
Child element
per child - max. 1,990 1,625
Family element 545 545
Baby addition 545 545

Reductions in maximum rates37% of income above £5,220*p.a.

*If only CTC is claimed, the threshold is £13,910 p.a. (£13,480). 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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