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    House of Commons Library Note On Cuts To Children's Benefits

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    FedericaCocco
    The document provides cost estimates in British pounds of various proposed measures affecting child-related benefits and tax credits from 2011-12 through 2014-15. These include removing child benefit from families with higher rate taxpayers, increasing the working hours requirement for couples with children to receive working tax credits, tapering or cutting other child-related benefits and tax credits, and changing the indexation of benefits to the Consumer Price Index instead of wages. The estimates in lines 15-21 are meant to indicate the magnitude of savings from specific policy changes but should be treated cautiously as they are approximations limited by available data.

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    House of Commons Library Note On Cuts To Children's Benefits

    Uploaded by

    FedericaCocco
    1K views1 page
    The document provides cost estimates in British pounds of various proposed measures affecting child-related benefits and tax credits from 2011-12 through 2014-15. These include removing child benefit from families with higher rate taxpayers, increasing the working hours requirement for couples with children to receive working tax credits, tapering or cutting other child-related benefits and tax credits, and changing the indexation of benefits to the Consumer Price Index instead of wages. The estimates in lines 15-21 are meant to indicate the magnitude of savings from specific policy changes but should be treated cautiously as they are approximations limited by available data.

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    House of Commons Library Note on Cuts to Children's Benefits (March 15, 2013)

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    House of Commons Library Note on Cuts to Children's Benefits

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    The document provides cost estimates in British pounds of various proposed measures affecting child-related benefits and tax credits from 2011-12 through 2014-15. These include removing child benefit from families with higher rate taxpayers, increasing the working hours requirement for couples with children to receive working tax credits, tapering or cutting other child-related benefits and tax credits, and changing the indexation of benefits to the Consumer Price Index instead of wages. The estimates in lines 15-21 are meant to indicate the magnitude of savings from specific policy changes but should be treated cautiously as they are approximations limited by available data.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    1K views1 page

    House of Commons Library Note On Cuts To Children's Benefits

    Uploaded by

    FedericaCocco
    The document provides cost estimates in British pounds of various proposed measures affecting child-related benefits and tax credits from 2011-12 through 2014-15. These include removing child benefit from families with higher rate taxpayers, increasing the working hours requirement for couples with children to receive working tax credits, tapering or cutting other child-related benefits and tax credits, and changing the indexation of benefits to the Consumer Price Index instead of wages. The estimates in lines 15-21 are meant to indicate the magnitude of savings from specific policy changes but should be treated cautiously as they are approximations limited by available data.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    To: From:

    Office of Rt Hon Ed Miliband MP Roderick McInnes Social and General Statistics

    Ref: Date:

    2013/3/201-SGS 15 March 2013

    Costings of various measures affecting child-related benefits and tax credits


    You asked us to contribute costings of various measures affecting child-related benefits and tax credits, to an overall analysis which you are compiling. The table below shows estimates of Exchequer savings yielded by the various measures which you have chosen to include in your analysis. Lines 1-14 are figures which you have compiled from the various Treasury scorecards, while lines 15-21 are estimates which you have asked us to provide which pick out specific aspects of the overall savings resulting from changes to uprating policy (switch to CPI, 1% uprating) and changes to Tax Credit income disregards.
    1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Child Benefit: remove from families with a higher rate taxpayer Working Tax Credit: increase working hours requirement for couples with children from 16 to 24 hours Child Tax Credit: taper the family element immediately after the child element Child Tax Credit: cut the toddler supplement Child Benefit: taper away from 50,000 to 60,000 Child Tax Credit: remove over-indexation Child Benefit: freeze for three years Child Tax Credit: increase child element by 150 in 2011-12 and 60 in 2012-13 above indexation Child Tax Credit: cut the baby element Sure Start Maternity Grant: apply to first child only Child Tax Credit: increase the child element by 30 in 2011-12 and 50 in 2012-13 Working Tax Credit: cut payable childcare costs from 80 per cent to 70 per cent Tax credits second income threshold: cut to 40,000 Child Benefit: increase by 1 per cent only Maternity Allowance: increase by 1 per cent only Statutory Maternity Pay: increase by 1 per cent only CPI indexation for Child Tax Credit CPI indexation for Child Benefit Child Tax Credit: increase by 1 per cent only Cut income disregard for rises in income to 5,000 (affecting families with children) Introduce an income disregard of falls in income of 2,500 (affecting families with children) TOTAL 2011-12 2012-13 2013-14 2014-15 0 545 2225 2370 0 550 545 540 0 465 440 420 0 180 180 180 0 -185 -690 -630 0 975 955 1020 385 930 1250 1285 -1220 -1865 -1920 -1940 300 275 275 275 75 75 75 75 -270 -695 -690 -690 335 350 370 390 130 125 125 135 0 0 0 175 0 0 190 -45 0 120 0 0 0 0 250 80 0 155 415 2625 5 30 590 275 0 425 675 5140 12 70 865 480 670 505 650 6857 14622

    The estimates in lines 15-21 are rough indicators of orders of magnitude and should be treated with caution. They should not be interpreted as precise estimates. They are necessarily highly approximate given the limitations of the available data which form the basis of the calculations. Specific caveats relating to particular lines are included in material I sent you earlier today.

    CONTRIBUTING TO A WELL INFORMED DEMOCRACY

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