FAO Fran

NozzaC

Why did you close my thread about Tax Credit and Interest?

In no way did I ask for illegal advice or any information about defrauding anyone.

I was asking about perfectly legal ways of saving money that don't pay interest, or any advice on the best way to approach this. We're being forced to sell our house and move into rented accommodation. I don't see anything illegal or immoral about not attempting not to lose all our benefits as well. The government don't care about the value of people's assets only their income. What is wrong with deferring that income in some way?

calleyw

Sorry but what you are asking makes no sense.

You would rather forgo between £5-7K in interest a year because you will get £2k in tax credits You be better off to the tune of between £3-£5K a year after taking out the 2K loss.

I know one which I would rather have.

And are you sure that only income counts. As when I filled in the entitledto.com website about WTC with no children I put in all the details of all our savings (which are lot less then yours I hasten to add)and half of them make us no interest what so ever as they are in offset mortgage. We where entitled to nothing. Even though our income would be below the threshold for a couple.

Yours


Calley

bestpud

Might be better to ask this on the 'site feedback' board?

NozzaC

"The amount you receive depends on how much money you have coming into your household each year. If you have any savings, they will not affect your claim. However, if you receive interest from your savings this will be counted as income and may affect the amount you receive."

So it would seem that if you put your savings into tax free savings like cash ISAs then that does not affect the claim. If you put your money in a vehicle that only pays interest at a later date then that does not affect the claim either. So if keeping the benefits for a certain period is important then deferring interest or capital accrued might be an option no?

Everything would be declared, all legal, all according to the rules.