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Tax credits

Working tax credit
  2013/14 2012/13
Basic element £1,920 £1,920
Couple and lone parent element £1,970 £1,950
30 hour element1 £790 £790
Disabled worker element £2,855 £2,790
Severe disability element £1,220 £1,190
Childcare element of working tax credit
Maximum eligible cost for one child £175 p.w. £175 p.w.
Maximum eligible cost for two or more children £300 p.w. £300 p.w.
Percentage of eligible costs covered 70% 70%
Child tax credit
Child tax credit family element £545 £545
Child element £2,720 £2,690
Income thresholds and withdrawal rate
Income threshold £6,420 £6,420
Withdrawal rate 41% 41%
First threshold for those entitled to child tax credit only £15,910 £15,860
Income rise disregard £5,000 £10,000
Income fall disregard £2,500 £2,500

Did you know?

That tax credits are projected to cost £2.8 billion (2012/13 - £3.1 billion).