Emergency Budget: tax credit cuts for millions

hippy-chicy

Very pleased to see that the shake up of the HB payments has been started. I was surprised to see that it has been extended to social housing but also agree with this.

Lots of changes to come.

Sparklyfairy

nuttynatty wrote: »

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:

I believe it to be £40,000 before tax.

Sparklyfairy

moomoomama27 wrote: »

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

True. But this bit of the article he never mentioned & will have people freaking out....

"A family earning between £25,000 and £40,000 will continue to receive the payment, but in the financial year between April 2012 and 2013, families earning over £30,000 will receive nothing, and those earning £25,000 will see it cut to £460 a year. "


Read more: http://www.thisismoney.co.uk/news/article.html?in_article_id=506806&in_page_id=2#ixzz0rcD445jc

moomoomama27

Sparklyfairy wrote: »

True. But this bit of the article he never mentioned & will have people freaking out....

"A family earning between £25,000 and £40,000 will continue to receive the payment, but in the financial year between April 2012 and 2013, families earning over £30,000 will receive nothing, and those earning £25,000 will see it cut to £460 a year. "


Read more: http://www.thisismoney.co.uk/news/article.html?in_article_id=506806&in_page_id=2#ixzz0rcD445jc

But isn't that just the child element reduced to £460??

Deepmistrust

Nitha wrote: »

Where does the childcare element of CTC fall? Is that child or family element? Or does it fall under WTC instead?

My husband's ex wife is screwed under new system as she's committing benefits fraud (despite being reported ho hum) for income support. Now she'll be put on JSA (her son is 9) which means it won't be so easy to claim illegally, a very good thing in my eyes.

VAT increase is a good thing in my eyes and from a business point of view (I work in retail buying) I'm glad they've left it until post Xmas, most retailers have already started printing Christmas Catalogues etc!!!

Was laughing as someone said on BBC website it was impossible to get a 4 bed at the £400 pw cap. Well seeing as my 3 bed is less than £400 PCM (private rented with no HB) I'm sure it can't be too difficult!

How is a VAT increase "good" from a "business point of view"?

Rupert_Bear

Looks like the single mothers will have to go out and earn a crust of bread when their children start school. I suppose the only way to avoid that is keep having children.

MummyOfTwo

im a bit confused - where does childcare help come into this budget???

Nitha

Deepmistrust wrote: »

How is a VAT increase "good" from a "business point of view"?

From a business point of view good it's delayed to post Christmas - as we anticipated the same situation we saw with the decrease to 15% VAT which caused a huge workload for a lot of people

The VAt increase generally being a good thing was a personal comment

DaisyFlower

Its part of CTC so I presume over £40k no help, then no help in 2012 after £30k.

Nitha

Sorry I realise you've read my comment differently to how I intended it. I meant it to read - VAT increase good thing in my eyes. From business point of view am glad it's post Xmas etc, not VAT increase good in my eyes and from business point of view IYSWIM.