Savings issue with working tax credit

Abaddon2319

Hello i was wondering if my savings in a joint account with my son effects payments with Working tax credits? ie do i have to declare this to IR or HMRC? as an another source of income? as this is a amount just under £50,000 which im using to buy a house, as my son is 18 but is in full time education and does not work.

alwaysonthego_2

If it is a joint account and you have full access to it then you would have to declare it , but only any interest over £300 needs to be declared btw.

I am slightly confused why does your son not have a bank account of his own if he is an adult.

Abaddon2319

we made the account for him when he was ALOT YOUNGER! and no we cant access with out the other, we dont have full access

alwaysonthego_2

Abaddon2319 wrote: »

we made the account for him when he was ALOT YOUNGER! and no we cant access with out the other, we dont have full access

but you still both have access to it. The amount you have iS unlikely to impact on your TC award. You only need declare interest over £300 which is unlikely on £50K.

Abaddon2319

I wish i didnt even get over £200 interest last year, you said full access what do you mean by that then?