tax credit enquiry

murphy123_2

Im currently claiming working tax credits and child tax credits as a single person. I am putting house on market, how will the proceeds affect my claim?
I'm not planning on staying on property ladder,I will be renting privately. Is there a limit on how much money you are allowed to have and does it come under income?

alwaysonthego_2

I think it is the interest that counts anything over £300 you need to report, but the actual capital does not count.

woozywendy

If you look on entitledto.co.uk there is help on there on the savings bit as you are filling it in, it tells you what is classed as income and what is not.

If you sell your house and buy another within 6 months you do not need to declare it.

If you sell your house and rent and you have equity over the £6000 savings limit you have to declare it.

Hope that has made sense.

alwaysonthego_2

not for tax credits only if you are claiming benefits, it is just the interest over £300