Family Finance: Family Tax Credits
 Nine out of 10 families with children are entitled to tax credits. Read on to find out if you're one of them and how to claim it.
Child Tax Credit
All families with children can claim Child Tax Credit, if their income is no more than £58,000 a year (up to £66,000 if you have a child under one). You don't have to be the child’s parent to be eligible, but you must be the main person who’s responsible for them.
How Much Will I Get?
The tax credit is made up of several elements:
a family element paid to any family with at least one child and worth up to £545 (2005-2006 tax year)
a child element paid for each child in the family and worth up to £1,690 (2005-2006 tax year)
You may get more if you care for a child under one, or a disabled child. Working Tax Credit
Working Tax Credit is designed to help people on low incomes whether they are
employed or self-employed and can include support for qualifying
childcare.
If you qualify, you may be entitled to get back up to 70% of the cost of your childcare, up to a maximum of £175 eligible cost per week for one child and up to £300 maximum eligible cost per week if you're paying for two or more children.
Am I entitled?
To find out whether you're entitled to Child Tax Credit or Working Tax Credit, click here.
Disclaimer: While every effort has been taken to ensure accuracy at time of publication, this information may be subject to change. Always consult your financial advisor.
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