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Tax credits cut?

(5 Posts)
NormaStits Wed 01-Jul-15 20:48:53

There is a lot of talk about the government making tax credit cuts next week in the budget. Does anyone know when they're likely to take effect from? Immediately or next tax year?

I'm a bit worried. I was hoping to have one year at home with my baby post-maternity, but we'd need the tax credits. My work is in the educational sector and most of the jobs for Sept have gone so it's awkward timing.

AnyoneForTennis Wed 01-Jul-15 21:21:02

I'm guessing immediately, or before end of the year at least

nj32 Wed 01-Jul-15 21:33:06

I would have thought they have to give you a reasonable amount of notice. I am worried as well, I have claimed for the first time in april after a chanhe of personal circumstances. I am desparately trying to find full time work but at the moment we can't live without tax credits!

NormaStits Thu 02-Jul-15 12:46:45

I'd have thought they'd have to give people a bit of notice but I'm not sure they will. Guess we'll just have to wait and see. We thought we were going to be a bit better off than we are likely to be, when I made the decision not to go for the school jobs when they were out.

Hope you get a job soon, nj32!

AndNowItsSeven Thu 02-Jul-15 14:19:43

They are not just going to stop tax credits. The worst that will happen is it will go back to 2003 rates. A loss of £800 a year per child. Which is a lot of money especially if you have more than one child.
However if you have a partner would you be ok with £15 a week less than the current amount?

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