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House of Commons
Session 1997-98
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Arrangement of Clauses (Contents)

Tax Credits (Initial Expenditure) Bill
 
 EXPLANATORY AND FINANCIAL MEMORANDUM
 
  The Bill makes provision for the incurring of expenditure in connection with the replacement of certain social security benefits with income tax credits.
 
  The Bill authorises the Secretary of State and the Commissioners of Inland Revenue to incur such expenditure as they think appropriate to facilitate the transfer of the functions of the Secretary of State which relate to family credit and disability working allowance; the exercise of these functions by the Commissioners; the replacement of the benefits by income tax credits; and the exercise of functions relating to the credits by the Commissioners. It also provides for the authority to incur expenditure to extend to the Department of Health and Social Services in Northern Ireland.
 
 Financial effects of the Bill
 
  It is estimated that the expenditure to be incurred by the Inland Revenue and the Department of Social Security under the Bill will be around £15-20 million.
 
 
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© Parliamentary copyright 1998
Prepared 23 April 1998