coming into money and tax credits

[Deleted User]

Phone TCO helpline to check, that way you have a recorded call as proof.

robwend

ooo thought u was a adviser

[Deleted User]

Here is a quote from the guidance notes that come with the claim pack.

Notional income
Capital treated as income

We will not normally take capital into account when we work out
your tax credits. By capital we mean deposits in current and savings
accounts at banks and building societies, many lump sum

payments, the value of property, shares and other investments.

jay11_2

It doesn't affect you as tax credits aren't a benefit--they're a credit of taxes you've paid on savings interest and earnings.

If you're worried just phone the tax credit people to double check (if you dare given their PR record), but as you say, you've checked online.

Don't spend it all, wait for the... housing crash... hehe

[Deleted User]

I am and this is the advice I would give but if you are unsure of my advice you can get it from an adviser on the phone and it is recorded as proof for your peace of mind.

krisskross

jay11 wrote: »

It doesn't affect you as tax credits aren't a benefit--they're a credit of taxes you've paid on savings interest and earnings.

Of course tax credits are a benefit, just rebranded to make people think they aren't claiming benefits. How do you think people claim tax credits who have never had a job?

robwend

ooooooo i dunno im gettin worried now. ive tried 8 times to get through to inland rev, its worse that bt

jay11_2

krisskross wrote: »

Of course tax credits are a benefit, just rebranded to make people think they aren't claiming benefits. How do you think people claim tax credits who have never had a job?

Having never been unemployed, I didn't know unemployed people could claim them. As far as I remember they were introduced when tax breaks like married couples allowance were abolished, I'm sure that you had to be working to qualify for them at that time. Excuse me for not keeping up with unemployment benefits.

robwend

u cant get tax credits without working, thats the point of it. you can however get child tax credit if you have a child and dont work

[Deleted User]

You cannot get WTC without working but you can still claim CTC.

Tax Credits are a classed as a benefit, you dont need to have paid taxes to get it.