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AIBU to ask the savings limit for tax credits (need IVF etc)

(8 Posts)
leafuserphone Mon 23-Jan-17 15:07:33

need money in order to try and conceive a sibling for my daughter (I'm single, couldn't find a partner in time, she was conceived thru IVF). Thank goodness i'm due to inherit a bit, never had any money in my life before!
Tried entitledto website's calculator but don't have time to gather all the figures you need to input....does anyone know if there's a limit to the amount of savings you're allowed when you're claiming tax credits?
Tried gov.uk but it doesn't seem to say.
Time is literally running out for me to have a second child!

PaulAnkaTheDog Mon 23-Jan-17 15:57:22

www.mumsnet.com/Talk/legal_money_matters/1395007-how-much-savings-are-you-allowed-before-it-affects-child-tax-credits

Prompto Mon 23-Jan-17 16:06:32

You don't declare savings to Tax Credits, you only declare any interest you receive on them (minus the first £300). So if you get £800 of interest, which would be a lot of savings, you'd just declare £500 to them.

leafuserphone Mon 23-Jan-17 16:43:28

thank you, one of the most interesting parts of that link (for anyone else who wants to know) is:
When universal credit comes it will change and if you have savings of over £16,000 you won't get anything, like housing benefit is now.

DeathStare Mon 23-Jan-17 16:46:21

Tax credits has already changed to universal credit in some areas

leafuserphone Mon 23-Jan-17 16:47:54

thanks again, I really appreciate the help xxxx

cricketballs Mon 23-Jan-17 17:20:02

Without wanting to sound judgemental - if you have to rely on tax credits with one child how are you going to afford a second?

Prompto Mon 23-Jan-17 18:11:34

Plenty of people use tax credits to help pay for their childcare.

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