The Tax Credits (Income Thresholds and Determination of Rates) (Amendment) Regulations 2024

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.