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Child tax credits 50K limit
![[Deleted User]](https://us-noi.v-cdn.net/6031891/uploads/defaultavatar/nFA7H6UNOO0N5.jpg)
[Deleted User]
Posts: 0 Newbie
Pretty close to this now...
What happens when you exceed this? Do they stop totally? Or do you just start getting a bit less dependent on how much over you are?
What happens when you exceed this? Do they stop totally? Or do you just start getting a bit less dependent on how much over you are?
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[quote=[Deleted User];discussion/2550357]Pretty close to this now...
What happens when you exceed this? Do they stop totally? Or do you just start getting a bit less dependent on how much over you are?[/QUOTE]
Surely you should know seeing as you would have just completed your renewal.
The new £40k comes into effect next year so if this years income is more than that, say bye bye to your tax credit payments in FY 11-12.
This year it wont make the blindest bit of difference as your award is based upon what you earned last year.0 -
in a slightly related question my partners maternity cover is due to end in August. Shes not going back to work as it wouldnt be worth it to us. Our tax credits are based on her full salary currently, does this mean we have to wait a full year for our entitlement to be updated?0
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Surely you should know seeing as you would have just completed your renewal.
The new £40k comes into effect next year so if this years income is more than that, say bye bye to your tax credit payments in FY 11-12.
This year it wont make the blindest bit of difference as your award is based upon what you earned last year.
Cant remember seeing a renewal recently....
So is the limit £40K from next year then? !!!!!!0 -
As I mentioned in my first post, does it go from x to zero once you exceed the max limit or does it graduate down?0
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[quote=[Deleted User];34056305]As I mentioned in my first post, does it go from x to zero once you exceed the max limit or does it graduate down?[/QUOTE]
After 50k, it goes down gradually, so by 58ish K depending on your circumstances (and you having no children under 1) it'll be a nil award.0 -
This might help explain it
http://www.thisismoney.co.uk/news/article.html?in_article_id=506806&in_page_id=2RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0
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