SLATERS CHARTERED ACCOUNTANTS
Newcastle Under Lyme
Staffordshire,ST5 7JB
Tel: 01782 566101 Fax: 01782 566090
Working Tax Credit (WTC)
The WTC was introduced to reward the work of people on low incomes whether or not they have children. It also provides working families with assistance to meet the costs of childcare. The annual income threshold for 2005/06 is £5,220 (up from £5,060 in 2004/05) with a reduction of 37p for every extra £1 of income. The basic maximum benefit is increased to £1,620 for 2005/06.
Childcare costs continue to form part of the WTC calculation at a rate of 70% of eligible costs up to a maximum of £175 per week (£300 if two or more children). This element is paid with Child Tax Credit. Although the limits were frozen for 2004/05 they have been significantly increased for 2005/06.
Top Stories
| Income Tax Allowances | 2006/07 (£) | 2007/08 (£) |
| Personal Allowance | ||
| Personal allowance for people aged 65-74 | ||
| Personal allowance for people aged 75 and over | ||
| Income limit for age-related allowances | ||
| Married couple's allowance for people born before 6 April 1935 | ||
| Married couple's allowance - aged 75 or more | ||
| Minimum amount of married couple's allowance | ||
| Blind person's allowance |
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