The Tax Credits, Child Benefit and Guardian's Allowance Up-rating Regulations, SI 2023/237, increase the maximum rates of working tax credit as follows:
basic element from £2,070 to £2,280;
30-hour element from £860 to £950;
second adult element and lone parent element from £2,125 to £2,340;
disability element from £3,345 to £3,685; and
severe disability element from £1,445 to £1,595.
The maximum rates of child tax credit are increased as follows:
individual element for a child or qualifying young person from £2,935 to £3,235; and
disability element from £3,545 to £3,905 for a disabled child or qualifying young person, and from £4,975 to £5,480 for a severely disabled child or qualifying young person.
The regulations increase the income threshold from £6,770 to £7,455 for working tax credit, and from £17,005 to £18,725 for child tax credit.
The increases in the rates of tax credits take effect from the start of 2023/24.
The Tax Credits, Child Benefit and Guardian's Allowance Up-rating Regulations, SI 2023/237, increase the maximum rates of working tax credit as follows:
basic element from £2,070 to £2,280;
30-hour element from £860 to £950;
second adult element and lone parent element from £2,125 to £2,340;
disability element from £3,345 to £3,685; and
severe disability element from £1,445 to £1,595.
The maximum rates of child tax credit are increased as follows:
individual element for a child or qualifying young person from £2,935 to £3,235; and
disability element from £3,545 to £3,905 for a disabled child or qualifying young person, and from £4,975 to £5,480 for a severely disabled child or qualifying young person.
The regulations increase the income threshold from £6,770 to £7,455 for working tax credit, and from £17,005 to £18,725 for child tax credit.
The increases in the rates of tax credits take effect from the start of 2023/24.
