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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 rate of withdrawal (the abatement rate) for the Family Tax Credit, Parental Tax Credit and the In-Work Tax Credit comprises 20%. An abatement-free threshold of $36,350 exists. The Minimum Family Tax Credit consists of a "top-up" payment, so that regardless of the amount of income earned, it gets topped up to the minimum amount per week ...
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.
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.
Text of the Tax Credits Act 2002 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. 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 .
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Image credits: BallinFC #10. The Candy Bomber. After World War II, when Berlin was divided, the US and UK airlifted supplies into West Berlin to counter the Soviet blockade.
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.