working families tax credit

working families tax credit (WFTC)

a fiscal measure introduced in the UK in 1999 which provides financial assistance to low income parents who work. The basic rate is payable for an adult with one child who works a minimum of 16 hours per week, with higher rates being payable the more children and the more hours worked.

The WFTC replaces Family Credit – a benefit paid by the Department for Work and Pensions – and is paid by the Inland Revenue through the tax system. Like the NEW DEAL initiative, the WFTC is part of the government's attempt to ‘reward’ people for working as a means of reducing the level of UNEMPLOYMENT.

working families tax credit (WFTC)

a fiscal measure introduced in the UK in 1999 that guarantees a minimum level of income to low-income families who work. The WFTC replaces Family Credit - a benefit that was paid by the Department of Social Security - and is paid by the Inland Revenue through the tax system. Like the NEW DEAL initiative, the WFTC is part of the government's attempt to ‘reward’ people for working as a means of reducing the level of UNEMPLOYMENT.