Posts

New tax break for married couples

/in , , , , , /by

In this recently filmed interview David Cameron said:

“Marriage is a great institution and it helps to build good and strong societies so I think it’s right to back marriage properly in the Income Tax system – most other advanced industrial countries do and it and we should do it too.”

So on the eve of the Conservative Party Conference at the end of September, the Prime Minister began to unveil plans for a new allowance which will benefit an estimated 4 million married couples, including 15,000 in civil partnerships. It is aimed at those who are not in the higher tax-paying rate (so those couples with a taxable income of less than £42,285 in the tax year 2015-16) – so will benefit only those on a middle or lower income. Read more

What 31 August means for Child Tax Credit (“CTC”) and Child Benefit

/in , , /by

On 31 August, Child Benefit and Child Tax Credit (“CTC”) will cease for children, aged 16 at that date, who have left approved* education or training. However if they continue in approved training/education then these benefits may continue but only if the parent or claimant has told HMRC’s Child Benefit Office and/or Tax Credit Office (note that parents/claimants must notify *both* departments if they are claiming both of the benefits).

* “Approved education” means that the child remains in full-time, ‘non-advanced’ education at school/college (e.g. ‘A’ Levels).
“Approved training” means that the child is participating in, has enrolled in, or been accepted for one of the following types of course prior to reaching 19 years old: Read more