Thousands of parents have yet to benefit from a substantial tax credit refund which can be worth over 1500 per family. For those with children born between 1985 and 2003 a valid claim can still claim made – but time is running out.
Parents with children born between 1985 and 2003 may be due a substantial tax refund. But the clock is ticking, action should be taken now to make sure the repayment is made.
In 2001 the Government introduced the Children’s Tax Credit, a fore-runner to the current Child Tax Credit system. For the following two tax years (2001-2002 and 2002-2003) tax relief for people with children was given as a tax reduction in their tax codes. However, the Revenue did not always know who to give the money to and subsequently thousands of families have missed out.
How much is it worth? In each tax year the claim is worth approximately 520. In addition, in the 02-03 tax year, if a baby was born the claim is twice the annual amount of 1049. The maximum refund is over 1500. To receive the money applicants will have had at least one child who lived with them and was under sixteen at the start of the 02 or 03 tax year.
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