uksi/2024/510 — The Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2024

This Statutory Instrument has been made in consequence of a defect in S.I. 2024/247 and is being issued free of charge to all known recipients of that Statutory Instrument. 2024 No. 510 TAX CREDITS The Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2024 Made at 2.30 p.m. on 15th April 2024 Laid before Parliament at 4.30 p.m. on 15th April 2024 Coming into force 16th April 2024 The Treasury make these Regulations in exercise of the powers conferred by sections 13(2) and 65(1) of the Tax Credits Act 2002 . Citation and commencement 1 These Regulations may be cited as the Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2024 and come into force on 16th April 2024. Amendment of the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002 2 1 The Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002 are amended as follows. 2 In regulation 7(3) (determination of rate of working tax credit) in Step 4 for “£7,995” substitute “£7,955” . Amanda Solloway Joy Morrissey Two of the Lords Commissioners of His Majesty's Treasury At 2.30 p.m. on 15th April 2024 Explanatory Note (This note is not part of the Regulations) Regulation 2 of these Regulations corrects an error in the formula in Step 4 of regulation 7(3) of the Tax Credits (Income Thresholds and Determination of Rates) Regulations 2002 (“ the Thresholds Regulations ”) ( S.I. 2002/2008 ). Regulation 4(3) of the Tax Credits, Child Benefit and Guardian’s Allowance Up-Rating Regulations 2024 ( S.I. 2024/247 ) (the “ Up-rating Regulations ”) should have amended the formula in Step 4 of regulation 7(3) of the Thresholds Regulations to reflect the increase to the threshold for working tax credit to £7,955 by regulation 4(2)(a) of the Up-rating Regulations. Due to a typographical error, the figure of £7,995 was inserted into the formula in Step 4 of regulation 7(3) of the Thresholds Regulations.   A full impact assessment has not been produced for this instrument as no impact on the private, voluntary or public sectors is foreseen.