| 2010/11 | 2009/10 | |||
| £ | £ | |||
| Working Tax Credit | 1,920 | 1,890 | ||
| Basic element | ||||
| Childcare element | ||||
| 80% of eligible costs up to £175 per week | ||||
| (£300 if two or more children) | ||||
| Child Tax Credit (CTC) | ||||
| Child element | ||||
| per child - max | 2,300 | 2,335 | ||
| Family element | 545 | 545 | ||
| Baby addition | 545 | 545 | ||
| Reductions in maximum rates | ||||
| 39% of income above £6,420* p.a. | ||||
*If only CTC is claimed, the threshold is £16,190 (£16,040) p.a. The family element of CTC is not reduced unless income is more than £50,000 p.a. when it is reduced by £1 for every £15 of additional income.
Pension Premiums 2010/11 and 2009/10
- Tax relief available for personal contributions:higher of £3,600 (gross)or 100% of relevant earnings.
- Employers will obtain tax relief on employer contributionsif they are paid and made 'wholly and exclusively'. Tax relief for large contributions may be spread over several years.
- Any contributions in excess of £225,000 (£245,000) whether personal or by the employer,may be subject to income tax on the individual.
- An additional income tax charge may apply on certain non-regular conditions.
Disclaimer | THE BUDGET 2010
