Income from Savings when claiming WTC

babyblooz

Can anyone tell me how they work out the income from savings when calculating working tax credit. I may be made redundant soon, (contract coming to an end- no lump sum etc) leaving us with hubby's very small salary. We have 40,000 in very hard earned savings (I have tiny pension pot due to job) and according to the entitled to website calculator, that gives us an income of over 130 quid a week!!!

Where can I invest my savings to get that kind of income? It's currently in a YBS ISA account. Is there something I am missing somewhere.

bestpud

As far as I am aware, income from ISAs is not counted for tax credit purposes. You have to declare any interest earned over £300 in other accounts, I believe, and you do this by providing the proof ie account statements etc.

Have you looked on the Inland Revenue site (the tax credits section) as the rules should be on there. Other than that, just claim and see how you go as any award you are entitled to will only be backdated to when you put in the claim, so it's best not to delay.