Child/working tax credits

hellsbells1981

Can anyone help me. My parents are planning to give me £3000. I am just wondering whether it will effect my child/working tax credits?

karenx

Your in luck as it doesnt

Unless you have £3000 already then that would make your savings £6000 which is the limit. Anything over £6000 up to £16000 things like housing benefit/council tax benefit/jsa will be effected

wobin

Hey,
The £3.000 does not need to be declared as income, wou only declare interest on savings/capital if the interest is over £300.

For tax credits it doesn;t matter how much savings you have.
x

Marcheline

Hi karen, for child tax credit and working tax credit, there is no savings "limit". The £6000/£16000 figures are not relevant at all for tax credits purposes.

You can have a fortune in savings, but as wobin points out, it's only any interest over £300 per year that needs to be declared. There is no limit on capital.