Wife no longer working. Help with savings/tax credits

isasmurf

Only taxable interest is counted towards tax credits, so any interest earned in ISAs is ignored when calculating tax credit entitlement.

[Deleted User]

Isasmurf is correct, I only really looked at "savings" when I responded.

ISAs, TESSAs, PEPs, Index Linked and Fixed Interest National Savings Certificates and Children’s Bonus Bonds are disregarded as they are tax free.

bestpud

I agree, your savings won't matter because they are in ISAs.

Ring the tax credit helpline and tell them of your change in circs asap. If it doesn't kick in this year, I definitely will from 6th April if you tell them now.

Andyboy

Isasmurf/subsoniccoyote If that is true then it would make a difference to our situation. Find it hard to beleive we weren't asked where income from savings originated! I will look into this further. Any pointers of where this may be in writing?

[Deleted User]

The phrase I copy & pasted was from the green booklet that comes with your claim pack. This is where everyone should check for information regarding their claim, unfortunately most people think it is just the "bumf" that comes with claim packs that you dont need.

If you dont still have the booklet have a look at the following link:
http://www.hmrc.gov.uk/forms/tc600-notes.pdf

Look at page 42 for the details specific to your income from savings.