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Child Tax credits cut off point.
anotherquestion
Posts: 520 Forumite
Hi folks,
Myself and my partner have received child tax credits for a good number of years now. We have one special needs child, who receives the higher components of DLA, care and mobility.
My ESA and Occupational pension combined are around £15400. My partner withdrew her pension pot some time ago and the one off payout of approx £9400 net will have to be declared in the 23/24 tax credit year.
We were a bit naive that we didn't realise that this payout would be considered as income but obviously will have to declare it, and I think it will give rise to an overpayment for year 22-23 which we will have to pay back ( as my partner is not working she was taxed for the gross amount of pension payout around £13k, we are hoping that the tax refund will cover a great deal of the overpayment)
So combining pension payout with the usual income that has to be declared will take it up to around £24k or so, I understand that £2,500 may be disregarded, so just asking anyone who knows the ins and outs of tax credits will we not receive any child tax credits in year 23/24?
Many thanks for any advice.
Myself and my partner have received child tax credits for a good number of years now. We have one special needs child, who receives the higher components of DLA, care and mobility.
My ESA and Occupational pension combined are around £15400. My partner withdrew her pension pot some time ago and the one off payout of approx £9400 net will have to be declared in the 23/24 tax credit year.
We were a bit naive that we didn't realise that this payout would be considered as income but obviously will have to declare it, and I think it will give rise to an overpayment for year 22-23 which we will have to pay back ( as my partner is not working she was taxed for the gross amount of pension payout around £13k, we are hoping that the tax refund will cover a great deal of the overpayment)
So combining pension payout with the usual income that has to be declared will take it up to around £24k or so, I understand that £2,500 may be disregarded, so just asking anyone who knows the ins and outs of tax credits will we not receive any child tax credits in year 23/24?
Many thanks for any advice.
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