Working Tax Credit
Working Tax Credit (WTC) is a
WTC can be claimed by working individuals, childless couples and working families with dependent children. In addition, people may also be entitled to
In 2010 the
The WTC replaced the Working Families Tax Credit (WFTC), which operated from April 1999 until March 2003. The WFTC was itself a transitional system from the earlier benefit for working families known as
The WFTC shared its assessment of means and period of renewal (6 months) with FC but moved towards a tax credit approach styled on schemes in other countries, which used an annual declaration of income to assess entitlement for a whole year. Tax credits also replaced the child elements in means tested benefits, the Children's Tax Credit in the tax system, and disabled persons tax credit.
In 2014 WTC and CTC combined cost £30 billion per year.