Regulation 4 Amendment of the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002I1

United Kingdom

(1)

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

C1(2)

In regulation 3(3) (manner in which amounts to be determined for the purposes of section 7(1)(a) of the Act) for “£16,190” substitute “£15,860”.

(3)

In regulation 5 (amounts prescribed for section 7(3)(a) and (b) of the Act) for “£25,000” substitute “£10,000”.

(4)

In regulation 7(3) (determination of rate of working tax credit), in Step 10, for “80%” substitute “70%”.

(5)

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

(a)

in Step 4, for “£16,190” substitute “£15,860”;

(b)

in Step 5, for “39%” substitute “41%”;

(c)

in Step 8—

(i)

for “6.67%” substitute “41%”;

(ii)

for “£50,000” substitute “£40,000”;

(d)

in Step 9, (finding X for the purposes of Step 8), for “£50,000” substitute “£40,000”.

Annotations

C1: Reg. 4(2)(4)(5)(a)(b) continued (with effect in accordance with reg. 1(2) of the amending S.I.) by The Tax Credits Up-rating Regulations 2012 (S.I. 2012/849), regs. 1(1), 5(c)

f1: S.I. 2002/2008; relevant amending instruments are S.I. 2006/963, S.I. 2008/796, S.I. 2010/751 and S.I. 2010/981.