Ah yes- I remember it well.... (or, at least, not so well that I didn't have to look it up again in the CPAG 1992/3 handbook). Basic calculation follows:
1) Work out maximum weekly credit Rates: £41 adult credit (same for couple or lone parent) £10.40 child 0-10 £17.25 child 11-15 £21.45 child 16-17 £29.90 child 18
2) Work out weekly income/capital Capital limit £8000 (tarrif income on capital £3000+) Net earnings Benefits (disgregarded benefits- DLA, Child ben, SMP) Maintenance (counts in full)
3) If income the same, or less than, maximum credit, full credit payable. If income more than maximum credit, calculate 37% of difference and deduct from maximum credit to get weekly award.
FC was payable for 26 weeks regardless of most changes in circumstances (main exceptions were child leaving the household or death of claimant).
Oh, life was simpler then...I am old and grey, etc, etc
Hope that helps!
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