Children under the age of 18, who have a personal tax allowance
of pounds 4,535, can benefit if their parents complete form R85, available from the Inland Revenue.
Personal tax allowances
being frozen is a double whammy.
On your bike: Large-car users lose company car tax allowance
For a family with two children the child tax credit will be worth up to pounds 88 a week in 2009, or pounds 4,500 a year, a far bigger family tax cut than we could give if we used the same money to improve personal tax allowances
or cut the tax rate.
The figures show that the decision to introduce the pounds 3,000 tax allowance
for stay-at-home spouses to quell a rebellion within Fianna Fail has gone a long way to mitigating any damage to the government itself.
Funnily enough, neither is there a chart showing how hard the average family has been hit by restrictions to the married couples' tax allowance
- Mr Major's restrictions.
For children have their own personal tax allowances
, so money invested in their names can accumulate TAX-FREE.
Two-parent families also fare worse than single parents and pensioners when it comes to tax allowances
After the Federal Energy Regulatory Commission announced that it would be revising its policy regarding income tax allowances
in the rates of pipelines operated by MLPs, Andeavor Logistics (ANDX) said it operates some FERC regulated pipelines, but anticipates that the ruling may only have a possible annual negative impact to Andeavor Logistics' net earnings and EBITDA of less than $10M, which reflects the entire potential impact of changes in the FERC corporate tax allowance
Maximise tax allowances
When it comes to cutting your tax bill, one of the most effective ways is to make use of your tax-free allowances.
Finally, Capital Allowances can generate up to 45 per cent tax allowances
against qualifying expenditure incurred on things such as commercial property.
UK website has more information on tax allowances
and tax rates.