Tax Credits - budget announcement

Tax Credits - budget announcement

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Slipped into the Budget speech was an aside that one of the myriad variables in child tax credit calculations will be increased by £20 from April 2010. I downloaded the budget notes and press releases and could find no commentary. It must be there somewhere (?) The budget notes were downloaded in their entirety in a single pdf document, which I loaded into Acrobat Reader and then searched within the document on the string "child tax credit" - no hits. Nary a one. And the press notice that summarises the tax rates only goes up to 2009-10.

Historically, all of the variables involved have changed each April, except for the odd one that remains stable and pretty static. Are we to read into this statement that the affected number is the only one that will change from April 2010? If not, what on earth was the point of the announcement?

Clint Westwood

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By stephenkendrew
23rd Apr 2009 19:10

PN01
Whilst Rebecca's catching up with her beauty sleep, allow me...

It is indeed in PN01: -

http://www.hmrc.gov.uk/budget2009/pn01.pdf

page 12 says that the Chancellor is "increasing the child element of the Child Tax Credit by an additional £20 a year above indexation from April 2010"

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Rebecca Benneyworth profile image
By Rebecca Benneyworth
23rd Apr 2009 17:01

A bit of puff
I found it somewhere but having read about 400 pages of guff in the last 24 hrs I can't say where. I noted it as £20 per week during the speech, but it is actually £20 per year over the rate of inflation. Some gift huh?

I have a vague feeling it was in the chit chat in PN01 - which you may not have searched as you may have been using BN's which are a bit more techie. PN's tend to be lots of spin and a bit of detail, but sometimes they slip in something not mentioned elsewhere.

I'm off for a sleep. 2 and a half hours in the last 30 is telling on me.

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