child tax credits

Child tax credits to be slashed for anyone earning over £30,000 | Mail Online

CHILD TAX CREDITS
Currently paid to all parents with household income up to £58,000 or £66,000 if the child is under one

Worth up to £2,850-a-year for someone with one child. Paid up to August after child's 16th birthday.

Payments depend on how many hours worked, if childcare is paid for and how many children are being looked after.

For incomes of around £40,000, they are worth £545-a-year.

CHILD BENEFIT
All parents paid £20.30 a week for the first child, £13.40 for any others.

Paid until children are 16 or 18 if they remain in education.

CHILD TRUST FUND
Since September 2002, all babies given a £250 voucher or £500 for lower income families. The same payout happens again when they turn seven.

Parents and grandparents could make top-up payments of up to £1,200-a-year and children could access the tax-free savings pot at 18.

Babies born after August 1 this year will receive £50, or £100 for the poorest families. Second payments when children turn seven have been axed. Babies born on or after January 1 2011 will get nothing.