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How will lump sum affect tax credits?

(5 Posts)
MyMorningHasBroken Sat 27-May-17 20:31:27

Hi, I've been separated for nearly 2 years. I work, get tax credits and childcare and have the 3 children with me. H sent me a lump sum (actually his bonus for this year).
I've talked with an adviser online tonight but he said I need to talk to someone on Tuesday as he wasn't sure.
Anyone had any experience with this?
I put £6000 in a savings account and was planning to pay off bils/debts with the rest.

MyMorningHasBroken Sat 27-May-17 20:32:50

Ps, I have put the money away for the children, not myself. I'm unsure what his motives were but am fully assuming it's for the children.

HipsterRaccoon Sat 27-May-17 20:34:20

As far as I know it makes no difference to tax credits unless you earn more than £300 interest pa. Once things change to universal credit more than £6k will reduce your award.

ems137 Sat 27-May-17 20:35:02

Would this payment not fall under "child maintenance"?

In which case tax credits don't take it into account.

MyMorningHasBroken Sat 27-May-17 20:39:27

Would the rest (I kept out to pay bills, childcare ect) been seen as savings too? It's in my current account atm.
I don't know if it would, would he need to specify if it is child maintenance?

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