The latest official statistics show that 5.7 million families, with 9.2 million children between them, were receiving tax credits as of the end of 2011. However the already very complicated system is going to change again in April 2012. Overall this will usher in a second round of tax credits cuts, though not everyone will lose out. Tax credits reflect individual circumstances, so the picture is very complex and it is difficult to categorise who will lose, and also who will gain despite the cuts. By and large, those responsible for children should gain, or at least lose no more than a few hundred pounds at the upper end of the income range.

Those paying childcare costs might gain even at higher income levels. The pinch is more likely to be felt by certain couples working part time, or some older workers returning to work after being on benefits - and by anyone whose income falls during the course of 2012-13.....Read more here--: The tax credit system changes from April 2012