TaxPersonal TaxBUDGET 2002: Tax boost for familes

BUDGET 2002: Tax boost for familes

Gordon Brown pledged to introduce a tax and benefits system that puts families first with a series of changes that will benefit 90% of them.

Families earning up to £58,000 a year stand to gain under the changes to children’s tax credits and family allowances.

Families whose household income is up to £50,000 will be £1,400 a year better off (or £26.50 a week) while families whose earning are between £50,000 and £58,000 a year will be between £800 and £1400 a year better off, Brown said.

The chancellor also pledged to raise these rates in line with earnings every year for the rest of the life of this parliament.

Benefits will be paid to the main carer.

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