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<b>Budget 2006:</b> Tax Credit changes reiterated. By Rebecca Benneyworth

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23rd Mar 2006
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Tax credit changes announced in the pre-budget report were all reiterated yesterday.

The rates of tax credits for 2006-07 were announced in December, together with details of the new income disregard.

Other developments announced in December are pressing ahead, including the reduction in the time allowed for renewals of tax credits, which will be brought back to the end of August for the 2006 renewal cycle. Secondary legislation to set the renewal date as 31 August for 2006 has already been approved.

The Budget does, however, include more information on the Chancellor's intentions as regards tax credits. Mr Brown announced that it is his intention to increase the rate of Child Tax Credit at least in line with increases in average earnings, rather than prices for the life of this Government. He has indicated that he expects the Child element of tax credits to rise to £2,250 by 2009.

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