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    • MichJ81
    • By MichJ81 10th Jan 18, 11:49 AM
    • 7Posts
    • 1Thanks
    MichJ81
    Parents financial help
    • #1
    • 10th Jan 18, 11:49 AM
    Parents financial help 10th Jan 18 at 11:49 AM
    This forum was very helpful with my last question so is now my go-to place as I can't find the answer elsewhere.


    My parents transfer money to me each month to pay towards childcare costs (after school club). How do I declare this when I claim Working Tax Credit and Child Tax Credit (I will be putting in a new claim due to a change in my circumstances)?


    Also, I have a savings account for my daughter. It is in her name but I can make withdrawals (it isn't one that is fixed with no access until she is 18). Do I need to declare the amount in the account as capital when I apply (there is about 2k)?
Page 1
    • PersianCatLady
    • By PersianCatLady 10th Jan 18, 3:31 PM
    • 456 Posts
    • 412 Thanks
    PersianCatLady
    • #2
    • 10th Jan 18, 3:31 PM
    • #2
    • 10th Jan 18, 3:31 PM
    This forum was very helpful with my last question so is now my go-to place as I can't find the answer elsewhere.


    My parents transfer money to me each month to pay towards childcare costs (after school club). How do I declare this when I claim Working Tax Credit and Child Tax Credit (I will be putting in a new claim due to a change in my circumstances)?


    Also, I have a savings account for my daughter. It is in her name but I can make withdrawals (it isn't one that is fixed with no access until she is 18). Do I need to declare the amount in the account as capital when I apply (there is about 2k)?
    Originally posted by MichJ81
    Some people won't think that this is "right" or "fair" but why don't your parents just pay for your daughter's after school club (ASC) directly?

    That way you don't ever have the money and there is nothing to declare.

    I presume that you are not claiming the childcare element of WTC if the costs of the ASC are being paid by your parents??

    Only savings over 6,000 have an impact on SOME benefits. Child Tax Credit has no limit on savings, so in theory you could have 100,000 in the bank (as long as the interest is not over a certain amount) and your CTC would not be affected.

    That said, I am almost certain that children's savings are taken into account when calculating benefits but I am just looking for a link to confirm that now.
    • Darksparkle
    • By Darksparkle 10th Jan 18, 5:10 PM
    • 5,115 Posts
    • 3,319 Thanks
    Darksparkle
    • #3
    • 10th Jan 18, 5:10 PM
    • #3
    • 10th Jan 18, 5:10 PM
    Why don!!!8217;t your parents just pay for something else? For example pay a bill directly or do a shop? You won!!!8217;t be able to claim for costs paid for by your parents.
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