2012/13 Tax Credit Cuts

JMartin

Hi all,

According to the information I can find online it looks like we're set to lose our CTCs from April next year (family income of just over £35k per year before deductions). Looking a bit closer though the information is targeted at couples with one child. Does anyone know if this will affect couples with 2 or 3 children? Or, does anyone know where I can find the tax credit tables for 2012/13?

It's a shame the HMRC can't provide a calculator on their site to help people see how they will be affected next year with such big changes on the way

Thanks
JM

melly1980

I just cant believe anyone on 35K needs tax credits. When I were a lad all we had was 2 and 6 pence to last us the month. Stop sponging and just gvet rid of the sky TV, Cars, Holidays, Food, heating and other luxuries.

merlin68

Your not DC by any chance are you? I might just have to send my kids up the chimneys shortly.

JMartin

ha ha very funny, but seriously do you know if the tables are published anywhere?

MrsManda

I don't think you're going to find any entitlement tables as I don't think the rates haven't been set yet.

The rough details are that with 1 child the income limit is ~£26,000.
With 2 children the income limit is ~£32,200 but the income limit could be higher depending on your personal circumstances.

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/TaxCredits/DG_194914

JMartin

Thank you! We'll have 3 by January so still not sure but judging by the amounts set there, I should still receive them for at least another year as family income is reduced considerably by maternity leave.

Love how rich politicians think £26,000 is adequate for a 3 person family! Also love how they think that the economy will be fixed by taking the best part of £100 a month off folks overnight. sad times.

MrsManda

I think they're trying to induce some responsibility (as well as save money) into people so that if someone wants children they make sure they can financially as well as emotionally provide for them rather than relying on the State to provide.

Tax credit changes is just one of a wide range of measures aimed at reducing the deficit. No one measure is going to solve anything.

JMartin

Well maybe I should sue Durex for the cost of my 3rd child since it was their failure to provide a product that was fit for purpose that got me into this situation.

Seriously though, circumstances change all the time. People lose work, inflation has a dramatic effect on disposable incomes, people perhaps have to take a pay cut to keep their jobs. It's just not a valid arguement to say that if you find yourself in poverty them somehow you've been irresponsible in family planning. Last I checked, a child was dependent until aged 16, not just on the day it was conceived!

Further, children are the future. If we don't have children who will pay tax in the years to come? Who will prop up the system? Why should children be a preserve of the rich?

zagfles

On £35k with 3 children you will still get tax credits. Ignore all the scare stories and media bulls**t.

But any child over 5 will have to earn it by sweeping chimneys. Honest, I read it in the Mirror!

kingfisherblue

JMartin wrote: »

Thank you! We'll have 3 by January so still not sure but judging by the amounts set there, I should still receive them for at least another year as family income is reduced considerably by maternity leave.

Love how rich politicians think £26,000 is adequate for a 3 person family! Also love how they think that the economy will be fixed by taking the best part of £100 a month off folks overnight. sad times.

Many families live on less, even when tax credits are taken into account.

JMartin

I'm aware that many live on a lot less and that we are very fortunate for what we have. My comment is really that it's easy for those who have money and have never had to worry about it to sit in parliament and dictate that they will take what is essentially a lifeline for many away overnight just because they think it costs too much. The Treasury has admitted today that they are placing many more children in poverty but they don't care because it's not the Tory way to care about the poor.

Nuclear weapons cost too much...don't see them doing away with the arms budget.