Revenue publishes Children's Tax Credit guidance
The Inland Revenue has placed a brief outline of the new income tax relief for people with children on its internet site.
The Children’s Tax Credit – which starts on 6 April 2001 – is a new income tax relief for people with children. It can reduce the amount of income tax they pay by up to £442 a year or £8.50 a week.
CTC can be claimed by married or unmarried couples or by single parents; who have at least one child that is under the age of 16 at the start of the tax year; and who lives with them for at least part of the tax year.
Further guidance will be published on the Revenue’s website soon.