Tax Credits 2024 Children. The wmcr has been changed from a percentage of the eligible mother's earned income to a fixed dollar tax relief for qualifying children born or adopted on or after 1 january 2024, with effect from the year of assessment 2025. These tables show rates and allowances for tax credits, child benefit and guardianโs allowance by tax year (6 april to 5 april).
Unlike a tax deduction, which reduces the amount of your income that is subjected to income tax, child tax credit cut down your tax liability directly. The 2025 child tax credit can reduce your tax liability on your annual taxes.
