Awards of WTC and CTC will run for the remainder of the tax year unless there is a change in circumstances or income. The system provides for adjustments to be made during the year. Tax credit awards can be affected by:

changes in the adults heading a household;

changes in the circumstances giving entitlement to tax credits or the various elements of those tax credits; or

changes in income.

Changes in circumstances

There are a number of changes of circumstance of which it is compulsory to inform HMRC on pain of incurring a penalty of £300:

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