Minimum family tax credit rises, 26 November 2015
The Income Tax (Minimum Family Tax Credit) Order 2015 (LI 2015/294) comes into force on 1 April 2016 and increases the prescribed amount specified in s ME 1(3)(a) of the Income Tax Act 2007 from $23,036 to $23,764. The prescribed amount is used when calculating the amount that a person may be allowed as a tax credit (referred to in s ME 1 as a minimum family tax credit).
The Order amends the Income Tax Act 2007 and the Income Tax (Minimum Family Tax Credit) Order 2014 and revokes the Income Tax (Minimum Family Tax Credit) Order 2013.
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