SCHEDULEMODIFICATIONS TO TAX CREDITS LEGISLATION

Modifications to the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002

31.

In regulation 7(3)78—

(a)

in Step 1, in the definition of “MR”, after “maximum rate” insert “(determined in the manner prescribed at the date on which the award of the tax credit terminated)”;

(b)

in Step 3—

(i)

in the definition of “I”, before “tax year” insert “part”;

(ii)

in the definition of “N1”, before “tax year” insert “part”.