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Changes announced in the 2012 Budget could affect many parents who claim child benefit across the UK, but do you know what the changes mean for you?
The eight key questions you may be asking about the child benefit tax charge are detailed below:
If these changes are going to affect you then there is still enough time to make changes to avoid any unexpected tax charges. If your income exceeds £60,000 it may be worth stopping your child benefit claim with effect from 7 January 2013, however it is still advisable to complete a claim so you qualify for your National Insurance credit. If you fall in to the £50,000 to £60,000 bracket you will still benefit from child benefit, but you should either take steps to retain your entitlement or be prepared for the tax charge you will face at the end of the tax year.
Steven Metcalf, Tax Senior, Kendal
T: 01539 942030
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