Parents eligible for the little-known Children's Tax Credit Relief have until 31 January to claim, says Philip Scott on Thisismoney.co.uk. "It is suspected that tens of thousands... could be owed more than £1,000 each by HM Revenue & Customs." The Children's Tax Credit was available for two years; 2001-2002 and 2002-2003. For taxpayers entitled to the full relief (households with children under 16 between 6 April 2001 and 5 April 2003), it's worth £529. For those with a child born in the 2002-2003 tax year, there's a further allowance of £520.
HMRC says that you can check whether you have received the relief if you hold any payslips or a P60 from 2002-2003, as your code will end in either 'H' or 'T'. If you are unsure, HMRC will check your position for free. You just need to fill in form 11CTC[pdf file]prior to 31 January and send it to your tax office. You won't necessarily qualify for the full amount though, the HMRC website warns. For every £3 you earned over the basic-rate income tax threshold (£29,900) in that tax year, you lose £2 of the relief.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
8 of the best houses for sale with tennis courtsThe best houses for sale with tennis courts – from a period property in Dumfries and Galloway with two islands on the River Dee, to a house in Cumbria with a 1977 En Tout Cas tennis court
-
Review: Eden Roc Cap Cana – fun, sun and golf in the CaribbeanTravel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
