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Just received huge Working and Child Tax Credit payments - and we dont claim either!

(6 Posts)
LapsedPacifist Mon 19-Oct-15 22:01:29

Am confuddled. Just checked by bank account online and saw 2 large payments for WTC and CTC were paid into my account yesterday. At first glance, it looks like a whole year's worth of money! hmm

We USED to claim, but our CTC stopped last year when DS left school, and we then continued to get a small monthly WTC payment until April this year. When our renewal forms came through this summer I didn't even bother filling them in because I started working part-time in May, and we are now over the threshold for any entitlement.

I received a letter last week saying we'd actually been overpaid one month's WTC for the tax year 2014-2015.

So why on earth have I been paid all this money when we haven't even submitted a claim this year?

Can I keep it please? <hopeful> smile.

YouAreMyRain Tue 20-Oct-15 19:52:04

I think it is based on last year's income so they have calculated that they underpaid you last year! I would ring the helpline to check (if you have a spare hour to wait on hold - actually it's probably worth it as it sounds like a lot!)

brokenmouse Wed 21-Oct-15 21:55:20

No idea on how tax credits work, but with any unexpected payment I would say don't consider it yours, stick it in an ISA at the highest rate you can find and forget about it. If they ask for the money back, you've got it to give. If not, in a year or two you could probably spend it.

simplydivine05 Wed 21-Oct-15 23:01:42

They usually send you a letter that arrives a couple of days after the payment. You could wait for that if you don't have a few hours to spend on the phone.

LapsedPacifist Thu 22-Oct-15 15:41:57

Many thanks for your replies. I received a letter this morning confirming we were underpaid last year and the money is mine! Am so relieved. Spent a fortune kitting DS out for uni last month and this is a lifesaver!

YouAreMyRain Thu 22-Oct-15 20:19:06

Woohoo! I just punched the air for you! smile

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