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Tax credits and savings

(4 Posts)
Prforone Sun 10-May-15 23:15:46

Is there a limit on how much you can have in savings and still claim tax credits?

I'm very confused as I read somewhere that you are not entitled if you have savings over £16,000 but I read somewhere else that there is no limit to the amount of savings you have; you just need declare any income gained by way of interest.

Anyone know which is right?

Rockchick1984 Mon 11-May-15 12:45:10

For tax credits it's just income over £300 per year from savings that affects your eligibility. For most other benefits, and for universal credit, it's the amount of savings.

Superexcited Mon 11-May-15 12:52:24

When it changes to universal credit it will matter and savings over the specified amount will affect eligibility.
At the moment only any interest earned on the savings is included in the tax credit calculations.

Prforone Mon 11-May-15 21:44:01

Thanks for clarifying!

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