News0 min ago
Tax Credits For Over 60S
3 Answers
Can anyone tell me if the latest Budget affects people over 60 claiming Working Tax Credits?
Answers
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Is this any help.
The 'income threshold' is part of how officials work out what to pay you.
At the moment, any household earning up to £6,420 a year earns the full amount of whatever tax credits they're allowed to claim.
People who earn more than that still get tax credits, but they're whittled down the more they earn.
This threshold is now being almost halved to £3,850 a year.
That means tax credits will start being taken away much more quickly as families start to earn more.
The 'income threshold' is part of how officials work out what to pay you.
At the moment, any household earning up to £6,420 a year earns the full amount of whatever tax credits they're allowed to claim.
People who earn more than that still get tax credits, but they're whittled down the more they earn.
This threshold is now being almost halved to £3,850 a year.
That means tax credits will start being taken away much more quickly as families start to earn more.
1 to 3 of 3
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