Child tax credits

Tiger_Moth

Hi,
First post, and sorry if this has been asked before.
I have recently semi retired and am working part time, earning around 12k, and supplementing this with money from savings. In 18/12 time I will be able to access my pension.
I have 2 children under 16 and it looks like I might in theory be entitled to claim Child Tax Credits this year.
However, I was working full time in 2016/2017 and would not have been entitled then.
If I was to apply for CTCs now, then going by last years income I would not be entitled, so do I have to wait until the 2018/2019 to apply?
Also, do they take savings into account?
Many Thanks
T M

sheramber

You apply now giving your 16/17 income. When the notice comes saying no award due you then phone up and give them an estimate of your total income for 2017/18.

An award can only be back dated 3 months so you need to apply as soon as possible.

Only taxable income/ intrest from savings is counted but only the amount over £300

Icequeen99

sheramber wrote: »

You apply now giving your 16/17 income. When the notice comes saying no award due you then phone up and give them an estimate of your total income for 2017/18.

An award can only be back dated 3 months so you need to apply as soon as possible.

Only taxable income/ intrest from savings is counted but only the amount over £300

Backdating is only 31 days for new claims. If you draw down on your pension the taxable part will count as income on your claim. Only interest from savings count (subject to £300 other income disregard).

IQ

Tiger_Moth

Thank you IQ,
I see that CTC is about to be replaced by Universal Credit, Will this affect us?
Regards
T M

Icequeen99

Hi

It depends on what postcode area you live in.

Try this tool here: https://www.universalcreditinfo.net

IQ