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Child Tax Credit
From 5 April 2003, Child Tax Credit replaces Children's Tax Credit.
Unlike Children's Tax Credit, which was a tax reducer, Child Tax Credit is real money being paid by the Government into the bank account of the person mainly responsible for looking after the children.
You won't get it if you don't apply for it.
However it is means tested and you will only be entitled if:
Your annual pre-tax household income is below approximately £58,000 (or £66,000 if you have a child under 1 year old).
You have children under 16 (under 18 if in full time education) living with you.
The Credit will normally be calculated on the previous tax year's household income. The exception is for 2003/2004 where the calculation will be based on 2001/02 income.
The amount you will receive is calculated by the Inland Revenue and is mainly based upon the amount of the household income and the number of children. For example:
Household
Income
Number of
Children
Approx.
Credit
£
£
25,000
1
550
25,000
3
1,150
55,000
1
100
55,000
3
200
It is possible to apply on-line at: www.inlandrevenue.gov.uk/taxcredits. Otherwise, if you haven't been sent one, you may request a claim form by contacting the Inland Revenue on 0845 300 3900. The Web site and this number are also useful if you have any queries.
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