Tax Credits - Inheritance due-will this effect me?

kellyaicken

I am currently in receipt of Child Tax Credit and as I am currently looking for employment at the moment I hopefully will be receiving Working Tax Credit again soon. I am due to receive £15,000 in Inheritance in the next few months. Do you know if this will effect my CTC and WTC, I plan to use the main bulk of it to instantly pay of debts, so it wont just be sitting in my account. But I was under the impression if you had savings over a certain threshold then it would effect your payments. Can anyone help! Thanks

heather38

i don't think it counts my husband and i applied for ctc when our baby was born and we had about £1000 in a savings account that was given to us as wedding gifts 18 months ago, i rang them and checked and they said that it didn't count as income only the interest earned on it counted minus the first £300. HTH

lin555_2

My husband just inherited £99,000 from his late mothers house sale, will this affect our tax credits or will just the interest be counted on this as well ? We have paid off our mortgage with £51,000 and have had some work done on the house and have £18,000 left.

[Deleted User]

Only the interest earned on it is counted for Tax Credits purposes.