saving if you get child and working tax credit

gele

Hello
I have what I suspect is a fairly simple question but don't know the answer. How much savings can I have before it affects child and working tax credit? Myself and hubby both work but are on low incomes and me part time. We have some saving but from years ago when we earned more. We don't get housing benefit or any other benefits just CTC and WTC. [We are borderline WTC]

gele

Thanks for that. I had heard the figure £300 mentioned before but wasn't sure. This applies regardless of the type of account doesn't it. Im thinking ISAs. We may well be around the £300 mark Im not sure so need to check. We had a little windfall last year but didn't think about the interest aspect at the time.
Will I be in trouble if Im letting them know this late. Hope not! :eek:

gele

Thanks blondbubbles. Im about to read the link now. Im trying to get finances in order and make the most of what Ive got but don't want to break the law!

gele

It seems Im ok as I read from that link that ISA interest isn't included. That's great Thanks:)

bloolagoon

When it moves to universal credit savings will affect tax credits though a way off its worth bearing in mind.

zagfles

gele wrote: »

It seems Im ok as I read from that link that ISA interest isn't included. That's great Thanks:)

That's right - it's only taxable interest which counts, ISA interest, premium bond winnings etc don't count.

Note that the £300 disregard figure is gross interest so that's £240 net.

gele

Thanks for letting me know re universal credit. Do you know when this will apply? I usually get in touch with them around May so Im hoping it will be may 2015 rather than this May

zagfles

gele wrote: »

Thanks for letting me know re universal credit. Do you know when this will apply? I usually get in touch with them around May so Im hoping it will be may 2015 rather than this May

Unlikely to be till well into 2015 earliest - probably later.