Budget 2004
Introduction
Personal
Income Tax
Tax Credits
National Insurance Contributions
Employees
Pensioners
Savings
Trusts
Capital Gains Tax
Inheritance
Tax
Stamp Duty / Stamp Duty Land
Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax
Tables
National Insurance
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Tax
Credits
Working Tax Credit (WTC) and Child Tax Credit (CTC)
were introduced for the first time in 2003/04. Provisional claims
for that year were based on 2001/02 income, and shortly have
to be revised to take into account actual 2003/04 income. The
rates of WTC and CTC for 2004/05 have been in many cases increased
in line with inflation, but some elements have not (e.g. the
amount of childcare cost that the Revenue will cover). The full
table of rates is too large and complex for this brief summary.
Until now, WTC (like its predecessor Working Families Tax Credit)
has usually been paid by employers through the payroll. To reduce
burdens on business, the Revenue are consulting on the possibility
that WTC will be paid directly to the claimant by the authorities.
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