Confused about savings

bubbles2106

Hi, I've read through some of the forum but am still a little confused so was wondering if someone could advise me.

I'm currently married with 2 children and we get working tax and child tax credit. I recently inherited £26,000 from my dads estate after paying off debts etc I have around £14,000 left. I'm confused about weather i have to declare my savings for wtc i've read on some threads it's just interest earned from savings but i'm not sure so wondered if someone could clarify for me.

alwaysonthego_2

You only need to declare any interest over £300 (not sure if it has gone up in the new tax year) and that's only if it is in an interest account.

bubbles2106

Thanks for that i thought that was the case but i'd read a few different things, just wasn't sure if i had to tell them about the 14,000. I don't have any interest added onto it yet anyway.

karenx

If you claim housing benefit or council tax benefit you need to notify them also

bubbles2106

Thanks, no we don't get housing or council tax benefit

sunnyone

Put the money in an ISA and it will be ignored forever, only taxable savings count for tax credits.