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Original poster

Tax Credits?

39 replies

Bluesunday · 12/05/2010 09:17

Does anyone know what the Con-Libs plan to do with regards to Tax Credits now? I know they have already agreed on some issues (no to the illegal immigrant amnesty etc), but when will they make an announcement about TC, will we have to wait until the next budget? I'm a little worried, did they say they wanted to abolish them or have I got that wrong? My family will go under without them.
Oh, by the way, if you don't need to claim Tax Credits I'm very happy for you, please don't burn me for not being so fortunate

OP posts:
patienceplease · 12/05/2010 11:23

But Fairymum presumeably you decided to have 4 children. Perhaps if you are now concerned about the cost of childcare for those 4 children you should have thought about that before having them?

electra · 12/05/2010 11:03

When tax credits were brought in it was widely advertised that 9/10 people would qualify for something.

FairyMum · 12/05/2010 10:46

Not for high income earners. We don't qualify for any tax credits at all and our childcare bill (4 children) is around 2k+ per month.

I am not saying I need benefits. I am well off and don't need any help. What I am saying is what is there to stop? High earners already don't get anything. Also, you can be a fairly high earner and not qualify for anything/much and still be crippled with a high childcare bill. You don't want to end up in a situation where only low-earners can afford to work either.

TheHeathenOfSuburbia · 12/05/2010 10:36

Well, you declare your family income and how much you pay for childcare and they work out your tax credit amount from that.

So if you don't pay for childcare, you don't get the element of the tax credit designed to offset your childcare expenses?

I was just trying to say that the difference you mention is already allowed for in the system.

FairyMum · 12/05/2010 10:35

50K is not a high salary if you have to pay for childcare. 50K is a decent salary if you don't have to pay for childcare. Tax credits should be there to help people to go out to work IMO

littleducks · 12/05/2010 10:31

50K is not a high income in London i think its high enough not to need benefits tbh

FairyMum · 12/05/2010 10:19

Sorry, now I don't understand what you mean. I am not aware of qualifying for anything at the moment. And how do you mean it is factored in that you pay for childcare?

TheHeathenOfSuburbia · 12/05/2010 10:11

Although, fairymum, the actual amount you pay for childcare is factored into it, isn't it? So your 50k earner +SAHM probably don't get anything anyway?

FairyMum · 12/05/2010 10:03

There is a difference between a family where both parents work and they need to pay for childcare and a family on 50K where one parent work and they don't pay for childcare. 50K is not a high income in London.

vesela · 12/05/2010 09:45

FairyMum - a lot of admin costs for a start...

TheHeathenOfSuburbia · 12/05/2010 09:44

They're having an 'emergency budget' within 50 days, was it? So we'll find out more then.

But both parties were committed to cutting them for high earners (I think family income >50k)

Original poster
Bluesunday · 12/05/2010 09:34

I'm not a high earner, so they really do make a difference to my income. Thanks for the info, Vesela

OP posts:
FairyMum · 12/05/2010 09:30

High earners don't get much in terms of tax credits though. What is there to stop?

vesela · 12/05/2010 09:28

Only stopping them for higher earners (that always was both parties' policy).

Plus the Lib Dems got support for raising the tax threshold to 10k, although it'll happen gradually - there'll be an increase in the threshold next year but not as far as 10k.

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