The Tax Credits Up-rating Regulations 2014

• Citation: S.I. 2014/845
• Sections: 4

Section 1 Citation, commencement and effect

(1) These Regulations may be cited as the Tax Credits Up-rating Regulations 2014 and come into force on 6th April 2014.

(2) These Regulations have effect in relation to awards of tax credits for the tax year beginning on 6th April 2014 and subsequent tax years.

Section 2 Amendment of the Child Tax Credit Regulations 2002

(1) Regulation 7 of the Child Tax Credit Regulations 2002 (determination of the maximum rate) is amended as follows.

(2) In paragraph (4)—

(a) in sub-paragraph (a) for “£5,735” substitute “£5,850”;

(b) in sub-paragraph (b) for “£6,955” substitute “£7,105”;

(c) in sub-paragraph (d) for “£5,735” substitute “£5,850”;

(d) in sub-paragraph (e) for “£6,955” substitute “£7,105”.

Section 3 Amendment of the Working Tax Credit (Entitlement and Maximum Rate) Regulations 2002

The table in Schedule 2 (maximum rates of the elements of a working tax credit) to the Working Tax Credit (Entitlement and Maximum Rate) Regulations 2002 is amended as follows—

(a) in item 2 (disability element), in the second column, for “£2,855” substitute “£2,935”;

(b) in item 6 (severe disability element), in the second column, for “£1,220” substitute “£1,255”.

Section 4 Amendment of the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002

(1) The Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002 are amended as follows.

(2) In regulation 3(3) (manner in which amounts to be determined for the purposes of section 7(1)(a) of the Act) for “£15,910” substitute “£16,010”.

(3) In regulation 8(3) (determination of rate of child tax credit) in Step 4 for “£15,910” substitute “£16,010”.