Family Tax Credit income amount increased
2008 Order in Council increases the net income level guaranteed by the family tax credit to $18,460 a year from 1 April 2008.
The Income Tax (Family Tax Credit) Order 2007, made on 12 November 2007, increases the net income level guaranteed by the family tax credit. 1 The net income level will rise from $18,044 to $18,460 a year from 1 April 2008.
The net income level is the amount that is used when calculating the amount that a person may be allowed as a credit of tax under sections KD 3(3) and (5) of the Income Tax Act 2004 (section ME 1(3)(a) of the Income Tax Act 2007). The increase applies for the 2008-09 and subsequent tax years.
The order also amends the Income Tax (Family Tax Credit) Order 2006 to limit its application to the 2007-08 tax year.
Income Tax (Family Tax Credit) Order 2007 (SR 2007/349)
1A change of name from "family tax credit" to "minimum family tax credit" was given effect by enactment of the Taxation (Business Taxation and Remedial Matters) Act 2007 and applies for the tax year beginning 1 April 2007.