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Tax credits: calculation of income

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The Tax Credits (Coronavirus, Miscellaneous Amendments) (No. 2) Regulations, SI 2020/941 ensure that payments made under the coronavirus support schemes are counted as income only once in calculating entitlement to tax credits. The Regulations also provide for payments made under the new Department for Health and Social Care (DHSC) self-isolation payment scheme to be disregarded in calculating entitlement to tax credits.

The regulations also amend the definition of ‘furloughed’ to include employees who are flexibly-furloughed to ensure they remain eligible for working tax credit. The Regulations come into force on 25 September 2020.

Issue: 1500
Categories: News
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