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Child benefits & working tax credits with savings
Hazel2705
Posts: 89 Forumite
I get child benefit and working tax credits as I have a child. I recently sold my house so now have savings in the bank of about £30,000 which will be the deposit for my next house when we buy so won't have this amount for long. Will this lower my child benefits and WTC? Obviously the interest we get on this amount is minimal.
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Comments
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Child benefit is paid to everyone with kids no matter what their income so no your Child benefit will not be affected.
Tax Credits are based on your income not your capital and so TCO will only want you to declare any interest minus £300 you received on that capital if you have it invested.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Any proceeds from a house sale are disregarded for means tested benefits for a period of 26weeks if the money is to be used to buy a new property.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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