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Savings and tax credits
Enquirer44
Posts: 1 Newbie
My husband and I are both working and on low income and we get child and tax benefits. My husband has been left some money which we will get soon and it will mean we have got over £16,000 in a savings account. We wanted to pay off some of our mortgage but can not pay much off because they will charge us for doing it. Will my benefits stop because we will find it very hard if they do?
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Comments
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Savings don't affect Child or Working Tax Credit. Interest you receive from your savings, if above £300 in the tax year, needs to be declared though.0
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BurnleyBob wrote: »Savings don't affect Child or Working Tax Credit. Interest you receive from your savings, if above £300 in the tax year, needs to be declared though.
Not at the moment but is that not about to change when Universal credits are rolled out?0 -
Yes, Duncan Smith and co have plans to alter the status quo under Universal Credit. The original poster would need to keep an eye for developments on that front.0
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