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Tax credits regulations

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The Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations, SI 2016/Draft, decrease from £5,000 to £2,500 the income disregard for the purposes of determining tax credits entitlement where current year income exceeds that of the previous year, with effect from 6 April 2016. The reduced income thresholds and increased taper rate proposed in the September 2015 draft have been dropped, as announced in the Autumn Statement, following the House of Lords’ rejection of these changes in October 2015.

Issue: 1293
Categories: News