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1.—(1) These Regulations may be cited as the Tax Credits Up-rating Regulations 2008 and shall come into force on 6th April 2008.
(2) In these Regulations—
“the Child Tax Credit Regulations” means the Child Tax Credit Regulations 2002(1);
“the Entitlement Regulations” means the Working Tax Credit (Entitlement and Maximum Rate) Regulations 2002(2);
“the Income Thresholds Regulations” means the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002(3).
(3) These Regulations have effect in relation to awards of tax credits for the tax year beginning on 6th April 2008 and subsequent tax years.
2.—(1) The Child Tax Credit Regulations are amended as follows.
(2) In regulation 7(4)(individual element)—
(a)in sub–paragraph (a) for “£4,285” substitute “£4,625”;
(b)in sub–paragraph (b) for “£5,265” substitute “£5,645”;
(c)in sub–paragraph (c) for “£1,845” substitute “£2,085”;
(d)in sub–paragraph (d) for “£4,285” substitute “£4,625”;
(e)in sub–paragraph (e) for “£5,265” substitute “£5,645”; and
(f)in sub–paragraph (f) for “£1,845” substitute “£2,085”.
3. For the Table in Schedule 2 to the Entitlement Regulations (Maximum Rates of the elements of a working tax credit) substitute the Table set out in the Schedule to these Regulations.
4.—(1) The Income Thresholds Regulations are amended as follows.
(2) In regulation 3(2) (first income threshold for those entitled to working tax credit) for “£5,220” substitute “£6,420”.
(3) In regulation 3(3) (first income threshold for those entitled to child tax credit) for “£14,495” substitute “£15,575”.
(4) In regulation 7(3) (determination of working tax credit) —
(a)in step 4 for “£5,220” substitute “£6,420”.
(b)in step 5 for “37%” substitute “39%”.
(5) In regulation 8(3) (determination of child tax credit)—
(a)in step 4 for “£14,495” substitute “£15,575”.
(b)in step 5 for “37%” substitute “39%”.
Dave Watts
Frank Roy
Two of the Lords Commissioners of Her Majesty’s Treasury
26th March 2008
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