For tax credits purposes, any additional transitional profits arising in 2023/24 as a result of basis period reform will be excluded from the calculation of income. The Tax Credits and Child Benefit (Miscellaneous Amendments) Regulations, SI 2023/179, amend the Tax Credits ‘Calculation of Income’ regulations (SI 2002/2006) accordingly, and also introduce changes to make sure the new ‘carer’s assistance’ allowance in Scotland is taken into account for tax credits purposes in the same way as the carer’s allowance that applies across the rest of the UK. The regulations have effect from 15 March 2023.
For tax credits purposes, any additional transitional profits arising in 2023/24 as a result of basis period reform will be excluded from the calculation of income. The Tax Credits and Child Benefit (Miscellaneous Amendments) Regulations, SI 2023/179, amend the Tax Credits ‘Calculation of Income’ regulations (SI 2002/2006) accordingly, and also introduce changes to make sure the new ‘carer’s assistance’ allowance in Scotland is taken into account for tax credits purposes in the same way as the carer’s allowance that applies across the rest of the UK. The regulations have effect from 15 March 2023.
