How will this affect my tax credits help please

amynphil

Hi,this is my 1st time on here and I am after a little advice. I am a stay at home mum and my husband works full time as an electrician. The benafits we receive are working tax and child tax credits. I am about to receive some inheritence left to me by my nana that has just passed away,This will be going into savings and is the only savings we will have. I am wondering if firstly I have to declare this to tax credits and if so how will it affect the money we receive as this money is immediatly going into a savings account and we are not going to use it to benafit our everyday living? Any advice will be greatfully received.
many thanks in advance

PasturesNew

How much? That's one of the important things.

£250?
£25,000?
£1million?

amynphil

£10,000 sorry left the most important info out!

GlasweJen

if you're only claiming tax credits you don't need to declare the savings but you do need to declare any interest made on the savings over £300 per year.

If you're claiming anything like housing benefit or council tax benefit then you need to inform the council of your change in circumstances.

amynphil

Thanks for that,I very much doubt that the money will make anywhere near £300 per year and no we dont claim any other benafits apart from working and child tax credits.

McKneff

Get it spent and enjoy it...................

Youre a long time dead.

amynphil

Get it spent and enjoy it...................

Youre a long time dead.
I would love to believe you me but when you have never perticulaly had money to class as ''savings'' its just nice to put it away and know that you've always got something there should you ever need it because believe me when you have been down there with not a penny in your purse i would have given anything to know that there was a small pot of cash there.(my husband was made redundant and out of work for 12mnts) So should that happen again *touches wood* it doesnt but at least we know that we have some money to fall back on.

NickyBat

From
Child Tax Credit and Working Tax Credit - A Guide May 2003
We will not normally take capital (that is, deposits in
current and savings accounts at banks and building societies, lump sum payments and the value of property, shares and other investments) into account when we work out your entitlement to tax credits

amynphil

Oh thank you for that nickybat, I have had a look through the tax credits website before posting on here and couldnt find any relavent infomation so thats very helpful. Thanks again

sunnyone

if you put it into an ISA using both your allowances (for this year or your this year and maybe more next year) you will never pay tax on it ever and its only taxable intrest that counts for tax credits.

McKneff

amynphil wrote: »

Get it spent and enjoy it...................

Youre a long time dead.
I would love to believe you me but when you have never perticulaly had money to class as ''savings'' its just nice to put it away and know that you've always got something there should you ever need it because believe me when you have been down there with not a penny in your purse i would have given anything to know that there was a small pot of cash there.(my husband was made redundant and out of work for 12mnts) So should that happen again *touches wood* it doesnt but at least we know that we have some money to fall back on.

You learn with age I suppose, and I know exactly where you are coming from.
The day my OH and i got married we gathered at our council house
afterwards with a small buffet for about 12 guests, I made my own wedding cake, made the sandwiches etc, went to the church, got married in a suit that i bought from the catalogue and when we got out of the taxi at our home (a council house) and I paid We had exactly £1 to last us the week. lol.
So I know exactly how you feel, been there done that.
That was over 41 years ago. But it seems like yesterday.
I'm not too old (I was a child bride of the sixties :rotfl:)

Good luck but treat yourselves a little bit.

The Isa idea is a good one.