Tax credit calculators for new budget 2016/17

chelseablue

May have heard wrong but isn't there a vote in the House of Lords soon that may mean these changes cant happen??

cifpower

chelseablue wrote: »

May have heard wrong but isn't there a vote in the House of Lords soon that may mean these changes cant happen??

A fatal motion was due to be tabled today by a Labour peer to be debated on Monday which, if passed, would have killed the measure. The motion has not been tabled.

There is currently an opposition's day debate being held in the Commons.

The Chancellor will give his Autumn statement on 25 November; this is basically a mini-budget which happens every year and updates the House on the country's finances. Any tweaking to the measure would be proposed here.

If the Chancellor had included the Tax Credits reductions in a the Finance Bill after the Budget the Lords would not have been able to push back. For some reason the Chancellor opted to go for a Statutory Instrument.

EDIT - the motion was laid at 5pm

zagfles

staffsuk wrote: »

Amongst the Eligibility Criteria

You won't be able to make a claim yet if either you or your partner if you have one:

* own or partly own the home in which you live
* have more than £6,000 worth of savings, shares or capital (total of all capital whether held individually or jointly)

The key word is "yet". That just means you'll have to claim tax credits for now, and you won't be included in the current pilots. But when UC is up and running fully, owning your home definitely won't disqualify you.

staffsuk

zagfles wrote: »

But when UC is up and running fully, owning your home definitely won't disqualify you.

That's good to hear and contrary to everything I have read thus far. Could you give me the source for that?

zagfles

staffsuk wrote: »

That's good to hear and contrary to everything I have read thus far. Could you give me the source for that?

Capital disregarded includes "Premises occupied by a person as their home".

http://www.legislation.gov.uk/ukdsi/2013/9780111531938/schedule/10

zagfles

andrewmp wrote: »

Does anyone have a calculator to work out how much Universal Credit will drop by in 2016/2017? I've seen loads of Tax Credit Calculators, but none which will show UC amounts after the changes.

The UC cuts are just to the thresholds, not the taper rate, so the cuts are far lower than in tax credits. Most people on tax credits will likely be better of when they switch to UC.

As an example, couple 2 kids with a single earner 30 hours on £11k not claiming housing costs, according to my back of a fag packet calculation:

On tax credits they'd get £9007 this year, £7453 next year.

On UC, they'd get £9412 this year, £8301 next year.

bloolagoon

zagfles wrote: »

The UC cuts are just to the thresholds, not the taper rate, so the cuts are far lower than in tax credits. Most people on tax credits will likely be better of when they switch to UC.

As an example, couple 2 kids with a single earner 30 hours on £11k not claiming housing costs, according to my back of a fag packet calculation:

On tax credits they'd get £9007 this year, £7453 next year.

On UC, they'd get £9412 this year, £8301 next year.

But that's fair as it adjusts for housing costs not claimed. I really wish they'd roll the principles out earlier and no transitional protection for savings.

zagfles

bloolagoon wrote: »

But that's fair as it adjusts for housing costs not claimed. I really wish they'd roll the principles out earlier and no transitional protection for savings.

The difference has nothing to do with "housing costs not claimed". Tax credits don't include housing costs, people can get HB/LHA as well as tax credits.

You either compare tax credits to UC with no housing costs, or compare tax credits plus HB/LHA to UC with housing costs.

Someone who owns with a mortgage and works 16+ hours would get no housing costs help under either the current system or UC

karl9911uk

Found this on-line. I can't be responsible for the accuracy of the attached link.


Hope it is of help.

KenAdams2015

hi blondebubbles (apologies if I haven't got your user name correct), any chanced you can explain/detail your calculation please?


tried again to create a spreadsheet but I cant get it right :-(