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Tax Credits Overview
1 Tax Credits Overview
Tax credits are payments from the government straight into your bank account.
There are currently two types available:
- Child Tax Credit supports families with children until their 16th birthday and young persons aged from 16 but under 20 years old.
- Working Tax Credit is for working people on a low income and is based on the hours you work and get paid for, or expect to get paid for.
2 Child Tax Credit
If you’re responsible for any children under 16, you could get Child Tax Credit.
You can also qualify if you have children aged 16 to 19 who are studying full-time in sixth form or at a further education college.
If you’re making a new Child Tax Credit claim, support is limited to the first two children (unless you have a multiple birth).
You’ll also no longer be able to claim the family element.
You’ll still be able to claim the disabled child premium for any of your children who are eligible to get it.
If you’re already claiming Child Tax Credits and you have more than two children, you won’t be affected by the changes.
How Much Child Tax Credit Will You Get, Are You Eligible And How To Claim >
3 Working Tax Credit
Working Tax Credit is based on the hours you work and how much you earn.
It doesn’t matter whether you’re an employee or self-employed.
You don’t have to have children to qualify for Working Tax Credit, but if you do, you might be entitled to more.
| Applying For Tax Credit? First Check That You Qualify For A Discounted Funeral Plan Quote And Increase Your Benefits >
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How Much Working Tax Credit Will You Get, Are You Eligible And How To Claim >