Tax Credits

	2012/13 £	2011/10 £
Working Tax Credit Basic element – max.	1,920	1,920
Childcare element 80% of eligible costs up to £175 per week (£300 if two or more children).
Child Tax Credit (CTC) Child element
per child – max.	2,690	2,555
Family element	545	545

Reductions in maximum rates
41% of income above £6,420* p.a.

*If only CTC is claimed, the threshold is £15,860 p.a. The family element of CTC tapers immediately after the child element from April 2012. This withdrawal rate is 41%.

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