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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 indexation of the abatement-free threshold for Working for Families tax credits has been removed from the Income Tax Act 2007 and the abatement-free threshold will remain at $36,827. Future indexation of the family tax credit rates will ignore any price movement relating to tobacco in the Consumers Price Index.
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 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.
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.
Eligibility depends on annual income, qualifying children and state residency. You can receive up to $1,200 if you meet these requirements.
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