🗳️ ELECTION 2024: THE MSE LEADERS' DEBATE Got a burning question you want us to ask the party leaders ahead of the general election? Submit your suggestions via this form or post them on our dedicated Forum board where you can see and upvote other users' questions. Please note that the Forum's rules on avoiding general political discussion still apply across all boards.

savings

Options
i am self employed and claiming tax credits and i have some isas do i have to declare them as they ask to put down any interest on savings or is it just interest on savings in a bank/building society also i have saved into a investment bond towards my pension i dont get any income from them,thanks

Comments

  • fender2000
    fender2000 Posts: 56 Forumite
    Options
    thanks also we may be inheriting a house in a few months time,and if we sell it is it classed as income
  • fender2000
    fender2000 Posts: 56 Forumite
    Options
    also what about interest on the investment bond should that be declared as i dont touch it
  • NYM
    NYM Posts: 4,066 Forumite
    First Anniversary Photogenic Combo Breaker First Post
    edited 4 June 2015 at 11:13PM
    Options
    I'm curious; why you need to claim tax credits ?

    fender2000 wrote: »
    looking to put £60000 away to create an income as I am semi retiring some one advised the prufund cautious any advice please.........

    ........we are both 60 I get £40 per week from private pension.£150 per week part time work and £80 per week tax credits,just wanted a safe option for our money to retain the capital and to make a small income from it,as we were recommended the prufund cautious as we could take 5% tax free from the fund per year and more or less keeping the capital intact hopefully,thanks
  • konark
    konark Posts: 1,260 Forumite
    Options
    When (if?) Universal Credit ( which replaces WTC) arrives you will be ineligible as you have too much in savings.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 1 Election 2024: The MSE Leaders' Debate
  • 343.8K Banking & Borrowing
  • 250.3K Reduce Debt & Boost Income
  • 450K Spending & Discounts
  • 236K Work, Benefits & Business
  • 609.1K Mortgages, Homes & Bills
  • 173.4K Life & Family
  • 248.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards