TCTM11008 | Transition to Universal Credit: Modification of tax credits legislation: Finalisation of tax credit awards

The Universal Credit (Transitional Provisions) Regulations 2014, Regulation 12A

This provision allows tax credits awards to be finalised in-year rather than after the end of the tax year.

The Universal Credit (Transitional Provisions) Regulations 2014 Modification of Tax Credits Legislation (Finalisation of tax credits) Schedule, essentially modifies the Tax Credits Act 2002 (TCA) to allow HMRC to finalise a tax credits award for a part tax year instead of a full tax year.

This regulation provides that where a tax credit claimant makes a claim to universal credit, the amount of the tax credit to which the person is entitled is to be calculated in accordance with the TCA as modified by the Schedule to these regulations.