Help - Tax Credit & Savings

justanothermuppet_2

I'm getting myself all confused so if anyone could help me out, that would be great.

We're currently in receipt of Tax Credits (CTC) and have just received a lump sum of money (inheritance) but i cant figure out if it affects our tax credits.

I know it doesn't count as an income but what about the amount of savings? Most things online refer to universal credit, not tax credits 🤔

Thanks

xylophone

https://www.moneyadviceservice.org.uk/en/articles/how-do-savings-and-lump-sum-pay-outs-affect-benefits

How savings affect Tax Credits
If you are getting Working or Child Tax Credits, only taxable income is taken into account, so you might be able to claim tax credits, regardless of the amount of money you have in savings.

However, the interest you earn from savings is classed as income. Any income from savings over £300 will be taken into account and will affect how much you get.

Illbedamned

So say if you inherited £20k and was on tax credits., thats allowed and doesnt affect it? As long as youre not paying tax on it?

poppy12345

Illbedamned wrote: »

So say if you inherited £20k and was on tax credits., thats allowed and doesnt affect it? As long as youre not paying tax on it?

It only affects it if you're receiving interest of over £300.


Do you claim any other benefits besides tax credits?