HMRC issues tax credit reminder
With claims required by 31 July, the tax authority is bracing itself for a flood of enquiries as people rush to meet the deadline.
‘There are only a few days left to renew your tax credits, so you need to take urgent action if you have not done so,’ said Steve Lamey from HMRC.
‘It is simple. If you do not renew your claim before 31 July, your payments will stop.’
Currently families with household income of less than £58,000 a year are eligible to receive tax credits.
However, in his austerity Budget last month the Chancellor George Osborne announced that tax credits will be curbed for those earning in excess of £40,000 as part of a raft of spending cuts.
The change will take effect from April 2011, although Osborne also confirmed that the child element of the Child Tax Credit will increase by £150 above inflation from this date.
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Date: 19-07-2010