Stephen Timms – 2015 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Stephen Timms on 2015-10-20.

To ask Mr Chancellor of the Exchequer, for what reasons the introduction of proposed reductions in tax credits is not being phased in.

Harriett Baldwin

The Government wants to move from a low wage, high tax, high welfare economy to a higher wage, lower tax, lower welfare society. By 2017-18, 8 out of 10 working households will be better off as a result of the personal allowance, living wage and welfare changes in the Summer Budget.

The Tax Credit changes are being phased in in two stages. The taper, threshold and income disregard will change from April 2016. The changes to the Child Element and Family Element in Child Tax Credit will come into effect from April 2017.