Gordon Brown placed the needs of ‘the family’ at the heart of his Budget after revealing CTC – which will be introduced in April – will be worth £10 a week, an increase on the expected £8.50 a week.
Alastair Kendrick, Ernst & Young tax director, said: ‘I wonder if there is likely to be an imminent announcement in the Brown household. This is truly family planning.’The move represents a tax cut for families with children under 16, according to Brown – worth 3p off the basic rate of tax for a single earner family on average earnings.
Additionally, from April 2002 CTC will also be increased by an additional £10 a week for families in the first year of a child’s birth.
Continuing on his family theme, the Working Families’ Tax Credit will be increased by £5 a week from June this year.
Brown also explained the need to balance work and family life as he announced the introduction of two weeks paternity leave at £100 a week and a rise in maternity pay to £75 a week by 2002.
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