Reclaim historical tax credit error

CMJS

Hi, I've likely made an error on my child tax credit claims 3 / 4 years ago. I had a 4 yr fixed rate savings bond in which interest was paid annually but compounded and was only accessed when the bond recently matured. I've just found out that the interest is taxed in the year of maturity, not annually. That's ok (allbeit a bit annoying), but I've realised that I included the interest from yrs 1 and 2 in my income calculation for my child tax credits claims in those years. I think that cost me a few hundred pounds a year in child tax credits (due to the 40p reductionin award per £1 of additional income). It would be nice to get this back!

Does anyone have any experience of correcting past claims? Is it even possible? Or by accepting the awards in those years have I now lost my ability to resubmit my income?

Thanks very much.

Icequeen1

There is no provision for claimants to submit amendments to tax credit claims once they have been finalised. The only way years that have been finalised can be re-opened is by HMRC if they open an enquiry or they think there has been fraud or negligence or a revision to income tax liability. But these are commenced by HMRC not claimants. 

IQ

CMJS

Thank you Icequeen1. Thats a shame, but not surprising! The government don't seem to make it clear that cumulative interest on fixed bonds is taxed in the year it is accessed, and the bank did not make this clear either.