Working Families' Tax Credit

HL Deb 20 October 1999 vol 605 c121WA

Baroness Castle of Blackburn

asked Her Majesty's Government:

What is the estimated loss to the Inland Revenue of the introduction of the Working Families' Tax Credit; and what is the latest figure for the cost of the Family Credit benefit it replaces. [HL4125]

Lord McIntosh of Haringey

The cost of the Working Families' Tax Credit in 2000–01, the first full year of the credit, is estimated to be about £4.9 billion. This is about £2 billion higher than the estimated expenditure on Family Credit.