The tax savings of the Child Tax Credit
commences to phase out at different levels than the commencement of phase out for the dependency exemption.
Mr Cameron said: "We are like tax credits, we are keeping tax credits but for families over pounds 50,000 we think we can't afford the child tax credits
For years prior to 2009, parents with high AGI subject to phase-out of exemptions and reduction or complete loss of child tax credits
could forgo taking QC exemptions and allow one child to take QC exemptions and a child tax credit
for other siblings (assuming the claiming child met all other QC tests with respect to the siblings, including support).
July 31 is the taxman's deadline to renew claims for two types of payments: child tax credits
and working tax credits, with HM Revenue and Customs (HMRC).
They've also been asked to repay pounds 6,000 of overpayments from child tax credits
, at pounds 42 a month.
On April 1, the Government replaced existing tax credits with two new tax credits - Child Tax Credit
and Working Tax Credit.
The Inland Revenue is nearing meltdown as it tries to implement the Chancellor's Child Tax Credits
But for the purposes of the child tax credit
, which cuts $600 per child off the cost of each tax bill, a foster child is only a "child placed with you by an authorized placement agency.
This month sees the introduction of the working tax credit, which replaces the working families' tax credit and the disabled person's tax credit; the child tax credit
, which replaces the children's tax credit; a 1 per cent increase in national insurance contributions; flexible working arrangements for parents; and extended maternity leave rights.
Harvard's David Ellwood and Jeffrey Liebman have proposed a single, integrated child tax credit
to replace the existing combination of the Earned Income Tax Credit, child tax credit
, and dependent exemption in order to target more support to middle-income families.
The 2001 Tax Act increased the amount of the child tax credit
to $1,000, over a ten-year period.
Topics covered include making the most of rebate checks or tax credits, lower marginal rates, increased child tax credit
, and increased alternative minimum tax exemption.