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Savings & working tax credits
Bled_2
Posts: 4 Newbie
I am going to be getting some inheritance soon and wondered how much savings you can have before it affects your working tax credits. I aim to invest the money rather than spend it.
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Comments
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blondebubbles wrote: »Tax credits don't include savings as income. Only any interest on the savings if over £300
What about when Tax Credit is replaced with universal credit which includes savings as income.
will money invested in, say a second house to let, be counted as well as the rental income?0 -
What about when Tax Credit is replaced with universal credit which includes savings as income.
will money invested in, say a second house to let, be counted as well as the rental income?
If and when you are moved over to UC you will have a period when you will be exempt from the savings rules under transitional protection, after that anything over £6k however its invested will reduce your UC and anything over £16k will stop entitlement to UC altogether."You've been reading SOS when it's just your clock reading 5:05 "0
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