CORONATION STREET AND ABOLISHING TAX CREDITS: HOW THE UNIVERSAL CREDIT COULD AFFECT YOU
Many will be blissfully unaware that a new Universal Credit was introduced by the government in 2012 as part of its welfare reforms. It replaces seven of the means tested benefits including child and working tax credits. It has already been introduced in different parts of the country and now the Tories have obtained a majority it is going to be phased out across to all parts of the country by 2017. What does this mean for me? It will mean that if you receive tax credits (or other means tested benefits) you will receive just the Universal Credit. Given that the government needs to find £12bn in welfare savings I very much suspect its introduction will mean, in one way or the other, some form of cut to the amount of financial help you receive. Why is a family solicitor telling me this? Good point. Well, there is more… Presently any child or spousal maintenance payments from an ex-spouse are not taken into account when calculating tax credits. They are completely ign...