Child Tax Credits: How Do They Vary?
Keywords – Child Tax Credits
Child Tax Credits policy have gone through major changes in recent times.
These days, the majority of Child Tax Credits have been replaced by ‘Universal Credit’. But, there are still exemptions to the case.
Child Tax Credits
There are only two instances where you can successfully make a fresh claim for Child Tax Credits.
Firstly, if you are entitled to severe disability premiums, or if you have received Child Tax Credits within the past month and you are still eligible for them — you can continue claiming for Child Tax Credits up until the 31st August after your child’s 16th birthday.
To get the ball rolling with your claim, call HM Revenue and Customs sooner rather than later, as it can take up to five weeks to file and process a new ‘Child Tax Credit’ application.
If you are not entitled to Child Tax Credits, and you are of ‘working age‘, ‘Universal Credit‘ is definitely worth looking into. Alternatively, if you have a child and you are of pensionable age, you might be entitled to ‘Pension Credit‘.
What Does Child Tax Credit Entitle You To?
The amount of money you get largely depends on the birth date of your children.
So, if all your offspring are born before 6th April 2017, you might receive the ‘child element’ of ‘Child Tax Credits‘ for all your children. You should also get the ‘basic amount’, which is also known as the ‘family element.’
However, if any of your children were born after 6th April 2017, you are more likely to get the ‘child element’ of ‘Child Tax Credit’ for two of your children.
To receive the ‘child element’ for more than two children, you will have to qualify for one of the listed exceptions.
Let’s circle back to Universal Credit for a second. You could be entitled to this if you fulfill the following criteria:
- You are out of work
- You earn a low income
- You are 18 years of age (or older)
- You or your partner are under the age of qualifying for ‘Pension Credit.’
- You and your partner possess £16,000 (or less) in savings
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