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coming into money and tax credits
robwend
Posts: 2,919 Forumite
going through a divorce and will be currently recieving money from the house sell, does this effect my workin tax credits? . as when i done it through a online calculator is said i still get my working tax, even at the same rate. anyone got any idea?
You're not drunk if you can lie on the floor without holding on
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It doesn't affect them as far as I know, mine certainly haven't been affected by our savings. I think only jobseekers, housing benefit, income support, and similar benefits are affected.Anytime;)0
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The money will not be counted as income for Tax Credits purposes.
Only the interest you will make from the bank is classed as income.
It comes under the "other income" heading - of which you can deduct the first £300.0 -
fan dabby dozey!!!!!!!!!!!!!!!!!!!!!!!! is this for realYou're not drunk if you can lie on the floor without holding on0
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ok so im coming into 50k and i can keep it?You're not drunk if you can lie on the floor without holding on0
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ok so i can keep my 50k to myself? just want someone to tell me that again for shock valueYou're not drunk if you can lie on the floor without holding on0
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Yes if you receive £50k you can keep it but as I said, if you make interest on it you need to declare the interest.
Make sure you make other agencies like Jobseekers/Income Support/Housing Benefit etc know about the money (if you deal with any of them).0 -
You only need to declare the interest to TCO as I said but if you claim any other benefits you should make them aware of the money.0
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i claim nothign else apartf from workign tax credits, its a bloody miracle!!! ooh god il spend it before intrest even kicks in lolYou're not drunk if you can lie on the floor without holding on0
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sorry spelling got rather excitedYou're not drunk if you can lie on the floor without holding on0
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how sure are you that your correct?it wont effect me next year ect ect?subsoniccoyote wrote: »Yes if you receive £50k you can keep it but as I said, if you make interest on it you need to declare the interest.
Make sure you make other agencies like Jobseekers/Income Support/Housing Benefit etc know about the money (if you deal with any of them).You're not drunk if you can lie on the floor without holding on0
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