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tax credits and divorce settlement payments

(4 Posts)

Thank you for your replies. This is what is basically what it said on the other site I looked at but wanted to be sure. Don't want to think I am doing something wrong and have it come back to me at some point I find I owe them money!

CogitoErgoSometimes Mon 29-Apr-13 15:30:40

You only have to declare household taxable income. Savings are excluded but taxable interest is included. Maintenance payments - if relevant - are not classed as income.

Metalgoddess Mon 29-Apr-13 13:55:11

You have to declare any income received from savings ie interest above £300 per year I think. However when universal credit comes in then savings over 16k will mean you will not get a penny in credits regardless of income.

I am wondering if I have to declare my divorce settlement to the tax credits or is it considered savings as it was joint monies in the first place and not income earned. I have got my renewal form and it is not very clear. I read on another site I would only have to declare any interest made on the money confused

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