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Working Tax Credit (WTC) is a state benefit in the United Kingdom made to people who work and receive a low income. It was introduced in April 2003 and is a means-tested benefit . Despite the name, tax credits are not to be confused with tax credits linked to a person's tax bill , because they are used to top-up low wages.
The nominal value of these tax credits were generally, though not always, increased in line with income tax rates. For instance, by 1916, income tax had increased to five shillings in the pound (25%), and the tax credit to £25, giving a value of the tax credit of £6 5 shillings.
The 1971 Family Income Supplement required payslips as proof of work [2] [verification needed]. It was replaced in 1986 by Family Credit, which in 1999 was replaced by Working Families Tax Credit, replaced in 2003 by Working Tax Credit, which was absorbed into Universal Credit by 2018.
Logo. Universal Credit is a United Kingdom based social security payment. It is means-tested and is replacing and combining six benefits, for working-age households with a low income: income-related Employment and Support Allowance (ESA), income-based Jobseeker's Allowance (JSA), and Income Support; Child Tax Credit (CTC) and Working Tax Credit (WTC); and Housing Benefit.
The Department for Work and Pensions (DWP) is a ministerial department of the Government of the United Kingdom. It is responsible for welfare , pensions and child maintenance policy. As the UK's biggest public service department it administers the State Pension and a range of working age, disability and ill health benefits to around 20 million ...
Family Credit (FC) was a social security benefit introduced by the Social Security Act 1986 (c. 50) for low-paid workers with children in Great Britain that replaced Family Income Supplement. The benefit was designed for families with children if at least one person is working more than 24 hours a week on average.
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The Tax Credits Act 2002 (c. 21) was a British act of Parliament passed by the Labour Government at the time, led by Prime Minister Tony Blair. The act established the administrative framework for the implementation of tax credits and sets out who is entitled to tax credits.