Tax credits amounts increased

The Tax Credits, Child Benefit and Guardian’s Allowance Up-rating Regulations, SI 2024/247, increase the following amounts for working tax credit and child tax credit from 6 April 2024.

Working tax credit:

• basic element increases from £2,280 to £2,435;
• couple and lone parent element increases from £2,340 to £2,500;
• 30-hour element increases from £950 to £1,015;
• disabled worker element increases from £3,685 to £3,935; and
• severe disability element increases from £1,595 to £1,705.

Child tax credit:

• child element increases from £3,235 to £3,455;
• disabled child rate increases from £3,905 to £4,170; and
• severely disabled child rate increases from £5,480 to £5,850.

The working tax credit income threshold increases from £7,455 to £7,955, and the income threshold for those entitled to child tax credit only increases from £18,725 to £19,995.

The regulations also increase the weekly rate of child benefit and guardian’s allowance from 8 April 2024 as follows:

• child benefit: weekly rate for the eldest child increases from £24.00 to £25.60, and the rate for subsequent children increases from £15.90 to £16.95; and
• guardian’s allowance weekly rate increases from £20.40 to £21.75.