Low income and maturing investment

Nemo101

Hi,

I'm on low income and council tax keeps rocketing, my endownment policy just matured and I have a small mortgage, though I want to keep the money for a rainy day. Is there anyway of claiming council tax with 10k spread over couple of ISA's between myself and wife?

alwaysonthego_2

You can still claim CTB with £10K of savings but it does have an impact on the amount you will recieve.
How low is your household income?
Do you have children?

Nemo101

me and my wife have combined income of around 14k
I have 3 kids, eldest earns 12k before tax, 2nd is at uni and third is 14.

alwaysonthego_2

Do you claim working/child tax credits?

It is very unlikely you will get CTB with your income and savings.

It is hard when CT bills are rising, but you sound like you budget well. Just be thankful you have a small mortgage and savings because not many people are in this position due to the economic climate.

Nemo101

Thanks for help. Yes claiming tax credits,

Our family has been good at budgeting but with increasing bills I was hoping find ways of saving money. Thanks for help though much appreciated.

alwaysonthego wrote: »

Do you claim working/child tax credits?

It is very unlikely you will get CTB with your income and savings.

It is hard when CT bills are rising, but you sound like you budget well. Just be thankful you have a small mortgage and savings because not many people are in this position due to the economic climate.