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  • FIRST POST
    • funnymonkey
    • By funnymonkey 16th May 18, 6:28 PM
    • 112Posts
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    funnymonkey
    Can I claim for wtc with savings in an isa
    • #1
    • 16th May 18, 6:28 PM
    Can I claim for wtc with savings in an isa 16th May 18 at 6:28 PM
    Good evening.
    I was wondering if I can claim wtc with over 16k savings in an ISA?
    From memory I think if you had 16k you could not claim for unemployment benefit and was wondering if the same criteria applies to arc?
    Thank you
Page 1
    • jackieblack
    • By jackieblack 16th May 18, 6:36 PM
    • 7,986 Posts
    • 11,755 Thanks
    jackieblack
    • #2
    • 16th May 18, 6:36 PM
    • #2
    • 16th May 18, 6:36 PM
    Yes, for WTC the savings themselves are irrelevant but you will need to declare any income from savings (ie interest payments) above 300
    Eg, if you receive 350 interest, you need to declare 50

    Apologies, I missed that the savings are in an ISA.
    The above applies to normal savings but ISAs are exempt
    Last edited by jackieblack; 16-05-2018 at 8:27 PM.
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    • funnymonkey
    • By funnymonkey 16th May 18, 6:43 PM
    • 112 Posts
    • 15 Thanks
    funnymonkey
    • #3
    • 16th May 18, 6:43 PM
    • #3
    • 16th May 18, 6:43 PM
    It's in a stocks and share ISA so don't get interest but losses or gains depending upon how the shares perform
    If the funds perform well and gain producing a profit would I need to declare that as technically it's not interest.
    Thank you
    • fryedslyce
    • By fryedslyce 16th May 18, 7:08 PM
    • 51 Posts
    • 90 Thanks
    fryedslyce
    • #4
    • 16th May 18, 7:08 PM
    • #4
    • 16th May 18, 7:08 PM
    Any money earned in an ISA, cash or stocks and shares is exempt and doesn't have to be declared for tax credits.
    • funnymonkey
    • By funnymonkey 7th Jul 18, 6:30 PM
    • 112 Posts
    • 15 Thanks
    funnymonkey
    • #5
    • 7th Jul 18, 6:30 PM
    • #5
    • 7th Jul 18, 6:30 PM
    How about any money in a fund and share account?
    If It needs to be declared would it be the initial investment or profit?
    Thank you
    • _shel
    • By _shel 7th Jul 18, 8:49 PM
    • 1,404 Posts
    • 2,462 Thanks
    _shel
    • #6
    • 7th Jul 18, 8:49 PM
    • #6
    • 7th Jul 18, 8:49 PM
    Unless you already claim WTC there's a chance you won't be able to claim and would have to claim universal credit instead. Which I believe does take into account savings.
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