Tax Credits Act 2002 Explanatory Notes

Tax Credits Act 2002

2002 CHAPTER 21

Commentary on Sections

Part 1: Tax Credits

Section 1: Introductory

40.This is an introductory section, which creates two new tax credits known as child tax credit and working tax credit (subsection (1)). It also sets out those elements of existing systems of support which are to be abolished and replaced by the new tax credits (subsection (3)). They are:

  • the children’s tax credit;

  • WFTC and DPTC;

  • the child-related elements of income support and income-based jobseeker’s allowance;

  • CDIs paid in certain non-means-tested benefits; and

  • the New Deal 50plus employment credit.

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