Inheritance

colnerover

Hi this has been proberly been asked before but I am looking for some advice regarding benifits and inheritance.
Basically me and my sister have been left a bit of money and our mums house in her will we have decided to sell the house so when all is done we will have about £45K each. 
Me and my wife have decided to pay down our debts then take £6k out to keep in our account.
This will leave us with about £28k which we want to put towards a deposit on a home for us in the not so distant future. 
We have child tax credits and working tax credits 
My question is is there an account I can put the money in that will only let us use it for a house purchase and the other is will it affect our benefits as this money is to go towards a house not the cost of living as we rent at the moment and we are just able to keep our heads above the water but not able to save for a deposit
Thankyou Matthew 

Caz3121

If your only benefits received are child and working tax credits then only the interest in excess of £300 is relevant (unlike means tested benefits which would stop with >£16k in savings)

poppy12345

Do you claim housing benefit for help with your rent? If you do then once the money goes into your bank because it's more than £16,000 then your HB and council tax reduction (if you claim this) will stop.

colnerover

No we don't claim HB or council tax reduction.
But it is income support we have not working tax credits sorry for the miss information 

poppy12345

If you're claiming Income Support then why don't you claim housing benefit to help with your rent? Child tax credits and working tax credits aren't affected by savings.

Any other means tested benefits like Income Support, Income Related JSA/ESA, Universal Credit, housing benefit and council tax reduction are and savings of more than £16,000 means all those benefits will stop.

You need to check which benefits exactly that you're claiming. All changes must be reported.