Can anyone tell me what and how child tax credit works? How is it worked out and roughly how much would myself and my husband get if we were to have a baby? We both earn around £40k as a joint income.
You can put your details in on line and it will tell you if you are eligible and how much you should be getting. It's not working at the moment though.
I am thinking you are earning too much with a joint salary of £40K though.
I know for a single person (working tax credits) living alone if you earn more than around £11K you won't get anything.
*It is not necessary to understand things in order to argue about them. -- Pierre De Beaumarchais
IIRC (and I should know as the baby is due in 10 days!) you will get just over £500 a year up to a joint income of about £60K.
Remember your income will be dramatically reduced when your wife is on maternity leave and if she returns to work and her income increases by no more than £20,000 there is no need to inform the revenue - this was increased from £2,500 recently.
