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Working Tax Credit. Working Tax Credit ( WTC) is a state benefit in the United Kingdom made to people who work and receive a low income. It was introduced in April 2003 and is a means-tested benefit. Despite the name, tax credits are not to be confused with tax credits linked to a person's tax bill, because they are used to top-up low wages.
By the end of 1978 the rate had been increased to £3/week for each child, with an additional £2/week payable to lone-parent families. In 1979 the Child Tax Allowance was removed, the value of the allowance taken up in higher child benefit payments, now £4/week, plus £2.50/week extra for lone-parent families.
Family Credit. Family Credit (FC) was a social security benefit introduced by the Social Security Act 1986 for low-paid workers with children in Great Britain that replaced Family Income Supplement . The benefit was designed for families with children if at least one person is working more than 24 hours a week on average.
Universal Credit is a United Kingdom social security payment. It is means-tested and is replacing and combining six benefits, for working-age households with a low income: income -related Employment and Support Allowance, income-based Jobseeker's Allowance, and Income Support; Child Tax Credit and Working Tax Credit; and Housing Benefit.
Money portal. v. t. e. A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. [1] It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases.
Stage Two of Working for Families implementation applied from 1 April 2006. The changes included: The in-work tax credit replaced the Child Tax Credit: it pays up to $60 per week for families with three children, and up to an extra $15 per week for each other child. The minimum family tax credit threshold increased from $15,080 to $17,680.
Text of the Welfare Reform Act 2012 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. The Welfare Reform Act 2012 is an Act of Parliament in the United Kingdom which makes changes to the rules concerning a number of benefits offered within the British social security system. [1]
Tax revenues as a percentage of GDP for the UK in comparison to the OECD and the EU 15. In 1971, the top rate of income tax on earned income was cut to 75%. A surcharge of 15% on investment income kept the overall top rate on that income at 90%. In 1974 the top tax rate on earned income was again raised, to 83%.