Reclaim historical tax credit error

CMJS Forumite Posts: 16
Ninth Anniversary First Post Combo Breaker
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
    Icequeen1 Forumite Posts: 396
    Part of the Furniture 100 Posts Name Dropper
    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. 

  • CMJS
    CMJS Forumite Posts: 16
    Ninth Anniversary First Post Combo Breaker
    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.
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