Child Tax Credits and SAYE Shares

lyppy1

I no longer receive child tax credits and have been sent s form to complete to check I’ve been paid the right amount or owe them etc. I had some Save as you Earn shares which matured and I cashed in. They were an HMRC approved scheme and I didn’t pay tax on them. The amount went into my ISA. Do I need to tell tax credit s about this as it’s over £300, or, as it’s tax free do they not need to know? I want to fill out the form correctly and can’t find anything about this on the internet or the Government website. Thanks

garmeg

Tax free, so irrelevant.

Presumably no capital gains tax was due?

Alice_Holt

There is no capital limit for tax credits; the value of any savings/capital is ignored. 
However, any taxable income (over £300) from savings and investments is taken into account as investment income.
Note that the following are disregarded:
    -  interest and dividends etc under Individual Savings Accounts (ISAs) including interest on cash deposits on which the account manager is liable to tax under the Individual Savings Account Regulations 1998 (SI 1998/1870), reg 23;
     - interest payable under a certified Save As You Earn (SAYE) arrangement under ITTOIA 2005, Part 6, Chapter 4;