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Working tax credit and savings

(9 Posts)
ParsleyTheLioness Fri 26-Apr-13 09:20:18

Please help me clarify. Do savings affect this? Friend states they were asked about this when making a claim. I never remember being asked this. Has this altered recently? Confused somewhat...

Rockchick1984 Fri 26-Apr-13 09:29:47

They ask about income from savings, not how much you actually have in savings.

ParsleyTheLioness Fri 26-Apr-13 09:36:52

Ah, that makes sense Rock...well that's pence then for me, interest rates being what they are! Thanks. Do you know what the threshold is out of interest?

Rockchick1984 Fri 26-Apr-13 10:20:20

I think it's around £300 per year of additional income which is disregarded, and the interest from savings is under that umbrella.

Vickibee Fri 26-Apr-13 11:38:32

When UC comes in I believe savings are taken into account

Metalgoddess Mon 29-Apr-13 10:49:07

If you have savings of 5,999k and under then eligibility for universal credit is unaffected. If yu have savings of 6k-15,999k then you will get some credits but they will not be full entitlement depending on your amount of savings. If you have savings of 16k + then you will not receive any of the child tax/working tax credit part of universl credits even if your income is under the threshold.

ParsleyTheLioness Mon 29-Apr-13 12:01:13

Ok, so savings under £6,000 unaffected then.

Metalgoddess Mon 29-Apr-13 13:53:04

As I understand it, if you have savings under 6k then they are in counted and credits are unaffected by this

ParsleyTheLioness Mon 29-Apr-13 19:31:28

Ok, thanks for that.

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