2014 No. 845
The Tax Credits Up-rating Regulations 2014
Made
Coming into force
Following a review in the tax year 2013-14 of the amounts specified in section 41(2) of the Tax Credits Act 20021, the Treasury have determined that Regulations should be made prescribing increases in some of those amounts.
A draft of these Regulations was laid before Parliament in accordance with section 66(1) and (2)(a) of that Act and approved by a resolution of each House of Parliament.
The Treasury make the following Regulations in the exercise of the powers conferred by sections 7(1)(a), 7(3), 9, 11, 13, 65(1) and 67 of that Act2.
Citation, commencement and effect1
1
These Regulations may be cited as the Tax Credits Up-rating Regulations 2014 and come into force on 6th April 2014.
2
These Regulations have effect in relation to awards of tax credits for the tax year beginning on 6th April 2014 and subsequent tax years.
Amendment of the Child Tax Credit Regulations 20022
1
Regulation 7 of the Child Tax Credit Regulations 20023 (determination of the maximum rate) is amended as follows.
2
In paragraph (4)—
a
in sub-paragraph (a) for “£5,735” substitute “£5,850”;
b
in sub-paragraph (b) for “£6,955” substitute “£7,105”;
c
in sub-paragraph (d) for “£5,735” substitute “£5,850”;
d
in sub-paragraph (e) for “£6,955” substitute “£7,105”.
Amendment of the Working Tax Credit (Entitlement and Maximum Rate) Regulations 20023
The table in Schedule 2 (maximum rates of the elements of a working tax credit) to the Working Tax Credit (Entitlement and Maximum Rate) Regulations 20024 is amended as follows—
a
in item 2 (disability element), in the second column, for “£2,855” substitute “£2,935”;
b
in item 6 (severe disability element), in the second column, for “£1,220” substitute “£1,255”.
Amendment of the Tax Credits (Income Thresholds and Determination of Rates) Regulations 20024
1
The Tax Credits (Income Thresholds and Determination of Rates) Regulations 20025 are amended as follows.
2
In regulation 3(3) (manner in which amounts to be determined for the purposes of section 7(1)(a) of the Act) for “£15,910” substitute “£16,010”.
3
In regulation 8(3) (determination of rate of child tax credit) in Step 4 for “£15,910” substitute “£16,010”.
(This note is not part of the Regulations)