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Child Tax Credit -Threshold Tables
mitchaa
Posts: 4,487 Forumite
Some might find this info useful.....
The threshold limit for receiving child tax credit at the full 100% award is £17,474 earnings. This threshold DOES NOT change regardless of how many children you have.
If you earn less than £17,474 earnings you will be entitled to the maximum 100% award, any earnings over £17,474 and your award will then taper away down to the basic family element of £545pa
Now the interesting point here is, the thresholds do change based solely on the number of children you have at a rate of £5353/5354 per every additional child.
To understand....
1 Child.........£17,474-£22,826 (£5353 Taper)
2 Children....£17,474-£28,179 (£5353+£5353 Taper)
3 Children....£17,474-£33,532 (£5353+£5353+£5353 Taper)
4 Children....£17,474-£38,886
5 Children....£17,474-£44,239
6 Children....£17,474-£49,592
7 Children....£17,474-£54,946
8 Children....£17,474-£60,299
9 Children....£17,474-£65,563
10 Children..£17,474-£71,006
The difference each child having is an additional £5353/5354 to the threshold.
The above info is solely for the CHILD ELEMENT of CTC's. The maximum figure in bold on the right side is where the family element of £545 begins. I do not have tables for the taper of this.
So it is entirely possible for a mother of 8 with a £60k income to be entitled to the surestart maternity grant.
Learn something new every day;)
The threshold limit for receiving child tax credit at the full 100% award is £17,474 earnings. This threshold DOES NOT change regardless of how many children you have.
If you earn less than £17,474 earnings you will be entitled to the maximum 100% award, any earnings over £17,474 and your award will then taper away down to the basic family element of £545pa
Now the interesting point here is, the thresholds do change based solely on the number of children you have at a rate of £5353/5354 per every additional child.
To understand....
1 Child.........£17,474-£22,826 (£5353 Taper)
2 Children....£17,474-£28,179 (£5353+£5353 Taper)
3 Children....£17,474-£33,532 (£5353+£5353+£5353 Taper)
4 Children....£17,474-£38,886
5 Children....£17,474-£44,239
6 Children....£17,474-£49,592
7 Children....£17,474-£54,946
8 Children....£17,474-£60,299
9 Children....£17,474-£65,563
10 Children..£17,474-£71,006
The difference each child having is an additional £5353/5354 to the threshold.
The above info is solely for the CHILD ELEMENT of CTC's. The maximum figure in bold on the right side is where the family element of £545 begins. I do not have tables for the taper of this.
So it is entirely possible for a mother of 8 with a £60k income to be entitled to the surestart maternity grant.
Learn something new every day;)
0
Comments
-
Thanks for that, it's very useful to know.
Out of interest, where did you find it?0 -
Thanks for that, it's very useful to know.
Out of interest, where did you find it?
That would be telling;)
Only kidding, my sister is having her 3rd baby in the next month and i was adamant that her income of £30k would only entitle her to the basic family element of CTC which would then render her a non eligibility for the £500 surestart maternity grant.
She received an email from someone at HMRC this morning with those facts and figures enclosed and then forwarded them to me to prove me wrong.0 -
Are those figures for people who are on CTC only (using the 15575 threshold) rather than the WTC threshold?
Actually, on second view - I think those figures are wrong if it is CTC only threshold and I don't think the 2nd colum is correct if you use the WTC & CTC threshold.
It is entirely possible to get max CTC above £17,474 of income (if you are a WTC/CTC) couple.
If you are a CTC only couple, then you will not get max at £17,474 it is tapered when income goes above £15575
Jess0
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