Working Tax Credits and Savings

50Twuncle

Do Working Tax Credits depend on Savings or just income ?
My wife has a part time job (22 hours / week) and earns about £7000 pa - I don't work at the moment (claiming ESA) - But have savings - any advice welcome ....

themonkeybutler

The savings themselves dont count, but any interest over £300 you earn on them p.a are counted as income for TC purposes.

50Twuncle

Do they work on actual interest rates for interest earned - or assumed rates (eg 10%) ?

Robbie64

It's actual interest earned that is used.

50Twuncle

themonkeybutler wrote: »

The savings themselves dont count, but any interest over £300 you earn on them p.a are counted as income for TC purposes.

But when I checked on the "find out what you can claim" site - it tells me that despite my wife earning a "pittance" and myself being on ESA - My wife cannot claim any Tax Credits in her name - I need to be working 16 hours per week before SHE can claim a penny
This is ridiculous !!

Indie_Kid

It's only taxable interest - so nothing in ISAs.

Caz3121

21Twinkle wrote: »

But when I checked on the "find out what you can claim" site - it tells me that despite my wife earning a "pittance" and myself being on ESA - My wife cannot claim any Tax Credits in her name - I need to be working 16 hours per week before SHE can claim a penny
This is ridiculous !!

that does not sound correct - do you have children? if not your wife would need to work 30 hours to qualify for WTC. Someone who is disabled need only work 16 hours

themonkeybutler

21Twinkle wrote: »

But when I checked on the "find out what you can claim" site - it tells me that despite my wife earning a "pittance" and myself being on ESA - My wife cannot claim any Tax Credits in her name - I need to be working 16 hours per week before SHE can claim a penny
This is ridiculous !!

Not ridiculous, just the rules. If you have no eligible kids, a standard adult/couple have to be working over 30 hours to claim WTC. It doesnt matter if its you or her working over the 30.

50Twuncle

It IS ridiculous - No we have no kids - why should this make any difference ?(They get added benefits for kids in any case)
To start with - why should my wifes tax credits depend on me working (which is impossible at the moment)
Secondly - If I was able to find a suitable job - we wouldn't need the tax credits.....

Caz3121

I am still confused why they say the claim is dependent on you working - the issue is that neither of you work 30 hours so you do not qualify

working tax credit is payable
you are single, aged 25 or over and you work 30 hours or more a week
you are in a couple, aged 25 or over, and either you or your partner work 30 hours or more a week
you are single, aged 16 or over, you work at least 16 hours a week and have a disability
you are in a couple where one of you works at least 16 hours a week and the person who works has a disability and is aged 16 or over

50Twuncle

Caz3121 wrote: »

you are in a couple where one of you works at least 16 hours a week and the person who works has a disability and is aged 16 or over

We come under the last option (my wife works 22 hours) - but when I checked "on-line" - I was told that I needed to work at least 16 hours per week !!!