Emergency Budget: tax credit cuts for millions

clb776

im a bit confused, are they stopping payments of child benefit or freezing the amount?

Indie_Kid

clb776 wrote: »

im a bit confused, are they stopping payments of child benefit or freezing the amount?

Freezing for the next 3 years.

moomoomama27

clb776 wrote: »

im a bit confused, are they stopping payments of child benefit or freezing the amount?

Freezing the amount for 3 yrs so your payments will continue as usual there just won't be an increase for 3 years, and then after that....?

MissMoneypenny

clb776 wrote: »

im a bit confused, are they stopping payments of child benefit or freezing the amount?

Not stopping CB, but the amount paid will be frozen for 3 years. So no rises for 3 years, but you still get CB.

Sparklyfairy

kerryallc71 wrote: »

i found this on the daily mail website about the emergency budget ..(thisismoney.co.uk )

how tax credits cuts will affect you

http://www.thisismoney.co.uk/news/article.html?in_article_id=506806&in_page_id=2

OMG! That's a good site...clearly spells out how it'll effect those on £30 & under in a couple years...massively!

moomoomama27

Sparklyfairy wrote: »

OMG! That's a good site...clearly spells out how it'll effect those on £30 & under in a couple years...massively!

Although if you read the small print it doesn;t include the 30 hr element and is based on one child.

SnowWhiterThanWhite

http://news.bbc.co.uk/1/hi/business/10335476.stm

My OH & I both work full time and earn just over £42000 as a household - We will gain on the income tax but lose the basic tax credits completely, a loss of:

The indications are that you will be £131.5 worse off.

nuttynatty_2

is that £40k how much to earn or how much you take home after all the tax and national ins you have to pay. Bloody marvelous, never claimed anything and the only two things i've been entitled to are child benefit which is been frozen for 3years, (and is actually spent on the children new clothes etc) and the £40 a month child tax credit, which now i probably wont get anymore :mad:

mummyofonechild

SnowWhiterThanWhite wrote: »

http://news.bbc.co.uk/1/hi/business/10335476.stm

My OH & I both work full time and earn just over £42000 as a household - We will gain on the income tax but lose the basic tax credits completely, a loss of:

The indications are that you will be £131.5 worse off.

Dont forget the VAT increase as well :eek:

jellyhead

SnowWhiterThanWhite wrote: »

http://news.bbc.co.uk/1/hi/business/10335476.stm

My OH & I both work full time and earn just over £42000 as a household - We will gain on the income tax but lose the basic tax credits completely, a loss of:

The indications are that you will be £131.5 worse off.

that's useful thanks

I didn't know about NI rises, must have had my head in the sand. We will be 107 better off. I thought it would be £200, because of the tax code, but £93 of it is taken by NI