How much money can you receive as a gift before it affects tax credits?

[LittleBoot]

Have just got a cheque for £5K from a relative of mine...

Wahay!

But am wondering if monetary gifts affect tax credits

I don't think it affects tax credts. Pretty positive it doesn't

Nice one with the cheque!

dont think it affects anything. i inherited about ten times that amount and it didnt affect my tax credits last yr.

lucky you belly up.

Savings do affect WFTC though don't they? So technically an inheritance would if it is saved.

Do they?

I've never had enough to know

At £5k CTC would not be affected although you may have to declare if you make any interest off it. Inheritance or gifts can affect WTC though if you recieve that element.