Tax Credits and Savings.

[jellyjelly]

A friend last night told me that if you claim either working tax credit or child tax credit or oth you are not allowed more than £600 in savings.

Anyone else aware of this. I dont fancy calling and asking as they will assume i have that amount and query my dues.

thanks

I have heard something similar but thought it was £8000. We have just paid £4000 off the mortgage to make sure we dont have too much cash savings doing nothing in the bank.

I thought it was £3000 each (ie you plus partner)

i don't think that's right, i thuink you've just to declare money you 'make' eg interet on savings, rental income / profits from second houses, profits from shares etc that are over £600.00.

I dont remember it asking on the tax credits form about any savings.

You have to declare the interest not the savings themselves. And you only have to declare the interest if it's over a certain amount.

Sure there was something about it on the original form but not the follow up forms IYSWIM. It may have changed since then. Call the revenue and ask, only way to be sure and they're always dead helpful.

£3000 not £600.

I find that whenever i have called up about anything then they always try to stop the claim. They even stopped my single claim when i sent back my x's letter as he doesnt live here.

I've found completely the opposite! When I phoned up for help they were really good, never had any probs with a claim.

All you have to tell them about is any intrest on saving over £300. Also things like ISAs aren't taxed so you don't need to let them know about those.