The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald
The latest Clay Shaw Butler Money Matters column from the Carmarthenshire Herald. By Mark Jones, director of Carmarthen-based Clay Shaw Butler chartered accountants and business consultants. Tax credits have been in the news (again!) and this is one issue the Chancellor George Osborne is expected to review in the Autumn Statement coming up at the end of the month. The House of Lords voted to reject the Statutory Instrument which contained the cuts to tax credits. The Chancellor has promised to continue to reform tax credits . . . while at the same time lessening the impact on families ‘during the transition’. The key changes originally proposed were: lowering the income threshold for Working Tax Credits from £6,420 to £3,850 a year from April 2016 increasing the rate at which those payments are cut. Currently, for every £1 claimants earn above the threshold, they lose 41p. It was proposed that from April 2016, the taper rate would accelerate to 48p. There are some tax issues wh