In October of 1999 family credit was replaced with working family tax credit (WFTC).
Working family tax credit is meant for two-parent and one-parent families with one or more children under the age of 16.
In order to receive working family tax credit the applicant, responsible for a child, must have paid work, work at least 16 hours a week and expect that he/she will work for at least another four weeks.
Other requirements are that the applicant must be a resident of the United Kingdom and have savings of £8,000 or less.
The sums that you are given as a credit depend on family income. The more family earns the less credit size is.
Working family tax credit is of the following parts:
- basic tax credit that equals £53.15
- 30 hour credit (for those whoover 30 hours) - £11.25
- tax credit for each child; age - 0 to 15 - £25.60, or 16 to 18 - £26.35
- childcare tax credit - up to 70% of eligible costs up to maximum costs of £100 for one child and £150 for two or more children.
The WFTC award is calculated by adding the credits together.
working family tax credit award usually last fors 26 weeks.
