Do Savings Affect Tax Credits?

trundlecat

Hi All,

I'm going be receiving a cash gift in December & I was wondering if this will affect my TC & WTC? I know you have to declare savings if you're not working & are only allowed a certain amount before benefits are affected, is this the same for TC/WTC? I'm self employed by the way in case that make a difference.

Thanks for reading

MsShorty

Savings don't affect tax credits. But the interest on those savings needs to be declared if the interest amounts to more than £300 during the tax year in question.

Hope this helps.

trundlecat

Thanks very much MsShorty