Investment in funds and tax credit

havrda

Hello, I am just wondering if money invested in Funds through bank abroad (say it's 12,000 GBP) affect tax credits and the statement should be included in the claim? The sum is available but does not stay on current bank account, nor savings account. This is investment bound for at least 3 years, but if I want to take some money from there it's possible at anytime (although there might be some charges for doing so). Savings in the UK are not over 6,000 GBP and the income for the year was about 6,000 GBP.

nannytone_2

i think you have a bloody nerve!
if you have funds readily available to you why would you choose to claim benefit instead?

alwaysonthego_2

Board guide comment

This board is to help with benefit entitlements, not to be judgemental.

To the op, welcome to MSE, capital does not affect tax credits as such, you only need declare any interest over £300 per year and this is only if it is in a taxed savings/bank account.

To remove money from your bank account and hide it would be classed as deprivation of capital, however it is unlikely that you would gain £300 interest to the saving you have.

Molly41

nannytone wrote: »

i think you have a bloody nerve!
if you have funds readily available to you why would you choose to claim benefit instead?

Do you only ever make negative comments? Everything I have read from you is just criticism and judgement!