i`m selling my house to rent, will money in bank effect my child tax credit payments?

zombie_tennants

we are selling our house at the moment, we have decided to go into renting, we will have about 40 thousand pounds in the bank from our house sale whilst we are renting, does anyone know if our child tax credit payments will be effected by having a large sum of money in the bank?

(at the moment we get child tax credit but not working tax credit)

i would ring them up to enquire but they always send me tonnes of declarations/change of circumstance letters etc through the post when i enquire about things...

thankyou

karenx

No it wont but you wont be entitled to any housing or council tax benefit with that amount of savings

zombie_tennants

if my partner changes jobs we maybe entitled to working tax credit aswell, do you know if this would be effected by our savings in the bank (40k) thanks

karenx

I think only any interest over £300 counts towards it.
Cut off for working tax credits is 17k combined

zzzLazyDaisy

Capital (ie savings) is not taken into account, but any taxable income (interest) earned on those savings, after the £300 disregard, is taken into account.

However, note it is only taxable interest that is taken into account - any savings or investments in ISA's or tax exempt NS&I products is diregarded.

alwaysonthego_2

karenx wrote: »

Cut off for working tax credits is 17k combined

It is approximately £18k combined salaries.