Benefits calculator include new budget?

Icequeen99

blondebubbles wrote: »

Based on that information your tax credits would not change.

Why do you say that BB?

They would see a fall in tax credits surely.

IQ

Icequeen99

blondebubbles wrote: »

I was not aware of the CTC only threshold reduction.

Ah i see, makes sense now i see the time of your post.

It hasn't been announced - the way it is calculated is in legislation so it changes by tracking the taper/threshold and wtc basic + couple element.

IQ

justaquestion

Originally Posted by justaquestion
Hi,

I am finding this very confusing, so for a family with both parents not working (one parent on occupational pension +ESA) total income about £16k.

One disabled child who receives the disabled addition under tax credits.

Just wondering how much less tax credits would be next year?I think we get just over £500 a month at the moment.

Thanks

Based on that information your tax credits would not change.

---

Thank you for your reply, so I am right in assuming that the threshold reduction from £6420 to £3850 is for working tax credits only and someone such as ourselves who receive ESA and occupational pension it doesn't apply to?


Thanks

justaquestion

Originally Posted by justaquestion
Hi,

I am finding this very confusing, so for a family with both parents not working (one parent on occupational pension +ESA) total income about £16k.

One disabled child who receives the disabled addition under tax credits.

Just wondering how much less tax credits would be next year?I think we get just over £500 a month at the moment.

Thanks

blondebubbles wrote: »

Based on that information your tax credits would not change.

Thank you for your reply, so I am right in assuming that the threshold reduction from £6420 to £3850 is for working tax credits only and someone such as ourselves who receive ESA and occupational pension it doesn't apply to?


Thanks

Pedent

blondebubbles wrote: »

The WTC thresholds dont affect those on CTC only.

However as per IQ's post those on CTC only have had their threshold reduced from £16,010 to £12,125 so there will be a reduction assuming your ESA is contributions based.

I'm still trying to get clear on how this works, given that the various calculators don't seem to agree.

In this case, with a £16k income and CTC only, they will previously have got the full award but will now lose:

£16000 earnings - £12125 new earnings theshold x 48% taper rate = £1860 (£35.67/week).

Is that right?

pcman1985

Pedent wrote: »

I'm still trying to get clear on how this works, given that the various calculators don't seem to agree.

In this case, with a £16k income and CTC only, they will previously have got the full award but will now lose:

£16000 earnings - £12125 new earnings theshold x 48% taper rate = £1860 (£35.67/week).

Is that right?

Yes, with £16K and CTC only, a reduction of £1860 per year would be correct.
You would get paid about £28 CTC per week, as opposed to about £63 currently

bloolagoon

blondebubbles wrote: »

That's what I've worked it out to be yes.

BB what does the budget mean for CTC only. Eg no income at CTC. Have they been hit at all?

Pedent

What's puzzling me is that while The Telegraph calculator gives the figures I'd expect, the BBC's and The Guardian's don't (they make the cuts look much less severe).

For example, The Telegraph has a single parent with two children working 30 hours/week and earning £15k losing £1834 of tax credits. The BBC and The Guardian have them losing £1262.

I'm pretty sure it's The Telegraph that's correct and the others that are wrong.

jeanmd

Sorry, my brain isn't working and I'm trying to figure out how this will affect a family (ex-forces) members tax credits etc. if anyone can help

Two parents only one working.
Earnings 22k
Three children ages 10,8,1.
Outside London.

Pedent

jeanmd wrote: »

Sorry, my brain isn't working and I'm trying to figure out how this will affect a family (ex-forces) members tax credits etc. if anyone can help

Two parents only one working.
Earnings 22k
Three children ages 10,8,1.
Outside London.

I make it that they'll lose £2325/year (£45/week).

But they'll get £80 back from the Income Tax cut, so it's swings and roundabouts (according to the Tory press).