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Tax free savings disregard tax credits
tali
Posts: 709 Forumite
I dug this out from the MSE archive .Ref the NS&I accounts -in theory there is a 96k tax free allowance - anyone know how much is disregarded ?
"I was informed by the inland revenue that because ISAs do not have to be declared on your tax return, both the savings and the i nterest are disregarded when calculating child tax credit and working tax credit, as these allowances are calculated on your taxable income only.
The same goes for any other savings that are not subject to tax and don't have to be declared, such as some NS&I accounts.
ISAs have to be declared for all other means tested benefits. "
"I was informed by the inland revenue that because ISAs do not have to be declared on your tax return, both the savings and the i nterest are disregarded when calculating child tax credit and working tax credit, as these allowances are calculated on your taxable income only.
The same goes for any other savings that are not subject to tax and don't have to be declared, such as some NS&I accounts.
ISAs have to be declared for all other means tested benefits. "
0
Comments
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ISAs are fully disregarded because they are tax free, hth.0
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Yes i am fully aware of that - but what about NS&I tax free accounts- which are in addition to the ISA allowance?
My question does not relate to ISAs0
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