SLATERS CHARTERED ACCOUNTANTS

162A London Road
 Chesterton
Newcastle Under Lyme
Staffordshire
ST5 7JB
Tel: 01782 566101 Fax: 01782 566090

Rates and Allowances - Tax Credits

2008/09
£		 2007/08
£
Working Tax Credit
Basic element - max.		 1,800 1,730
Childcare element
80% of eligible costs up to £175 per week (£300 if two or more children).
Child Tax Credit (CTC)
Child element
per child - max. 2,085 1,845
Family element 545 545
Baby addition 545 545

Reductions in maximum rates
39% (37%) of income above £6,420* (£5,220*) p.a.

*If only CTC is claimed, the threshold is £15,575 (£14,495) p.a. 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.