Child tax credits and savings

[FTS123]

Do your savings affect your ctc? I will have some equity from my house (divorcing) which will be used to buy a new house....do I have to declare it? If I do and my ctc get cut I'll have to start using that money to pay bills thus reducing my deposit for a house! If that makes sense!

Yes, I think the savings threshold is £16k? I could be wrong. But yes, you are expected to live off savings.

Yes and No, the actual savings themselves won't affect tax credits however you will need to declare the interest received which may then affect your claim depending on circumstances

Tax credits are worked out based on taxable income. If you get interest on your savings, that will be taken into account because it's income. The savings themselves are not taken into account.

Ok that makes sense! Thanks