Please or to access all these features

AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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

7 replies

leafuserphone · 23/01/2017 15:07

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!

OP posts:
Prompto · 23/01/2017 16:06

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 · 23/01/2017 16:43

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.

OP posts:
DeathStare · 23/01/2017 16:46

Tax credits has already changed to universal credit in some areas

leafuserphone · 23/01/2017 16:47

thanks again, I really appreciate the help xxxx

OP posts:
cricketballs · 23/01/2017 17:20

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 · 23/01/2017 18:11

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

New posts on this thread. Refresh page