New Tax Credits: A Consultation Document
We have issued a consultation document inviting comments by 12 October 2001 on proposals for two new tax credits - the integrated child credit and the employment tax credit - intended to be introduced in 2003.
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In the 2000 Budget, the Chancellor announced the introduction of two new payable tax credits - one for families with children and one for low-income working families.
The intention is that these new payable tax credits will be available from 2003.
Legislation for the new tax credits needs to be prepared for autumn 2001.
The consultation document sets out how we envisage these new payable tax
credits working and seeks views on some of the more detailed issues.
To enable the Revenue to prepare for this new legislation, we would welcome feedback on the proposals set out. Please write to:
Sandra Bevan
Tax Credits Consultation
Inland Revenue
New Wing
Somerset House
Strand
London
WC2R 1LB
Telephone: 020 7147 3621
Fax: 020 7147 3621
Email: sandra.bevan@ir.gsi.gov.uk
Please send any comments by 12 October 2001.
Contents of the consultation document
Part 1 contains the following chapters:
Chapter 1 puts the new tax credits in the context of the programme of reform aimed at relieving child poverty and encouraging people into work by making work pay.
Chapter 2 sets out the key features of the new credit for families with children.
Chapter 3 covers the key structural elements of the employment tax credit for workers in low-income households.
Chapter 4 covers the childcare credit element of the employment tax credit.
Chapter 5 sets out the proposals for the treatment of income and capital under the new tax credits.
Chapter 6 describes how the new system of tax credits might work.
Chapter 7 covers the interaction between the new tax credits and different elements of the social security system.
Part 2 contains the partial Regulatory Impact Assessment, which considers the impact of the policy by comparison with current systems of support.
Part 3 contains a summary of the specific points on which we would welcome views.
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