Regulation 2 Amendment of the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002

(1)

The Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002^f1 are amended as follows.

(2)

In regulation 3 (manner in which amounts to be determined for the purposes of section 7(1)(a) of the Act)—

(a)

in paragraph (2), for “£6,420” substitute “£3,850”; and

(b)

in paragraph (3), for “£16,105” substitute “£12,125”.

(3)

In paragraph (a) of regulation 5 (amounts prescribed for the purposes of section 7(3) of the Act) for “£5,000” substitute “£2,500”.

(4)

In regulation 7(3) (determination of rate of working tax credit)—

(a)

in Step 4, for “£6,420” substitute “£3,850”; and

(b)

in Step 5, for “41%” substitute “48%”.

(5)

In regulation 8(3) (determination of rate of child tax credit)—

(a)

in Step 4, for “£16,105” substitute “£12,125”; and

(b)

in Step 5, for “41%” substitute “48%”.

Annotations

f1: S.I. 2002/2008; other relevant amending instruments are S.I. 2008/796, S.I. 2012/849, S.I. 2013/750 and S.I. 2015/451.