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What are we each entitled to in our divorce settlement?

What does the law say about how to split the house, how to share pensions and other assets, and how much maintenance is payable.

What steps can we take to reach a fair agreement?

The four basic steps to reaching an agreement on divorce finances are: disclosure, getting advice, negotiating and implementing a Consent Order.

What is a Consent Order and why do we need one?

A Consent Order is a legally binding document that finalises a divorcing couple's agreement on property, pensions and other assets.


Child Tax Credits

  • WYSPECIAL
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26 Mar 12 #320092 by WYSPECIAL
Topic started by WYSPECIAL
Hi,

does anyone know how CTC work as I''m fairly new to them?

My income for 2011-12 was based on what I earned in 2010-11. Due to being able to get a chunk of overtime in (a one off opportunity that fell at the right time) my actual earnings will be about £1500 (gross) more than the tax credits were based on. Does this mean that I will have been overpaid and have to repay it? Will it mean that I will get less in the 2012-13 tax year bearing in mind that I am unlikely to replicate the overtime so will probably earn less in 2012-13 than I have in 2011-12?

Also is it worth paying a lump sum in to my stakeholder pension before the end of the tax year to lose the extra I have earned from any calculations?

Thanks!

  • gotmysmile
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26 Mar 12 #320099 by gotmysmile
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Whilst no expert on these matters, I can tell you that yes, they will recalulate the amount you received in tc based on higher earning and will either reduce the future amounts or ask you to repay the overpayment.

So in effect your tc for 2012/3 will be reduced due to the overpaymt in 2011/12.

Pensions - no idea!

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