Child tax credit query

blagoslovljena

Does anybody know whether the Nationwide Fairer Share £100 payment would count as ‘other income’ for child tax credit purposes? 

Savings interest does, but this payment is a random one-off thing, so I’m not sure.

Ts & Cs of the payment state:

‘The payment is taxable savings income. This means that it is treated in the same way as any interest you may earn on your savings account or current account. We are not required to deduct any tax from the payment, but we will report it to HM Revenue & Customs (HMRC).’

Dazed_and_C0nfused

If that statement is true then yes it would be part of the income you have to declare for tax credits purposes.

But there is a £300 tolerance where certain (taxable) income can be ignored and this would fall into that.

blagoslovljena

Dazed_and_C0nfused said:

If that statement is true then yes it would be part of the income you have to declare for tax credits purposes.

But there is a £300 tolerance where certain (taxable) income can be ignored and this would fall into that.

I thought that might be the case, but thank you for clarifying!