Child benefit


George Osborne MP, the Chancellor of the Exchequer, has announced that child benefit is to be axed for higher rate taxpayers from 2013. Any couples where one parent earns about £44,000 – roughly the 40% tax level – and above will be affected. Ministers estimate the change will affect about 1.2 million families. Osbourne  confirmed the cut would hit homes with a single or two high earners but families with two parents on incomes up to £44,000 – which might add up together to over £80,000 – would keep the benefit.

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