Relief for 750,000 on child benefit; business Budget briefing.
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worth about pounds 1,000 a year to parents with one child, pounds 1,700 with two and pounds 2,500 with three - will be withdrawn in April 2013 from those earning pounds 50,000 or more.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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|Publication:||Coventry Evening Telegraph (England)|
|Date:||Mar 22, 2012|
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