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The Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2016

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2016, ISBN 9780111142783

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under section 66(1) and (2)(a) of the Tax Credits Act 2002, for approval by resolution of each House of Parliament.

Tax Credits

Made ***

Coming into force 6th April 2016

A draft of these Regulations was laid before, and approved by a resolution of, each House of Parliament in accordance with section 66(1) and (2)(a) of the Tax Credits Act 2002f1.

The Treasury make the following Regulations in exercise of the powers conferred by sections 7(3)(a) and (b), 65(1) and 67f2 of that Act.

Annotations to the whole text

Footnotes

f1

2002 c.21.

f2

Section 67 provides that “prescribed” means “prescribed by regulations”.

Contents

  1. 1Citation, commencement and effect
  2. 2Amendment of the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002
  3. Signature
  4. Explanatory note

1Citation, commencement and effect

(1)

These Regulations may be cited as the Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2016 and come into force on 6th April 2016.

(2)

These Regulations have effect in relation to awards of tax credits for the tax year beginning on 6th April 2016 and subsequent tax years.

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

(1)

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

(2)

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

Signature

Name

Name

Two of the Lords Commissioners of Her Majesty’s Treasury

Date

Explanatory note

(This note is not part of the Regulations)

These Regulations are made by the Treasury under section 7 of the Tax Credits Act 2002 (c. 21).

Regulation 2 amends the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002 (S.I. 2002/2008) so as to decrease from £5,000 to £2,500 the amount of income that is disregarded for the purposes of determining entitlement to tax credits for the current year where the income for that year exceeds the income from the previous year (“the income rise disregard”).

A full impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen.