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Relief for 750,000 on child benefit; business Budget briefing.

SOME 750,000 parents earning between pounds 42,000 and pounds 60,000 will hold on to some or all of their child benefit.

George Osborne rowed back on controversial plans to scrap child benefit for all households where one parent earns enough to pay the 40% higher rate of income tax, following complaints that it would hit families in the "squeezed middle".

Instead, the benefit - worth about pounds 1,000 a year to parents with one child, pounds 1,700 with two and pounds 2,500 with three - will be withdrawn in April 2013 from those earning pounds 50,000 or more.

And to prevent the "cliff-edge" effect, the withdrawal will be tapered so families lose 1% of their benefit for every pounds 100 earned over pounds 50,000.
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Title Annotation:Business
Publication:Coventry Evening Telegraph (England)
Date:Mar 22, 2012
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