Lump sum gift on child tax credit

[HateUpsettingPeople]

Have nc for this but essentially I want to know if a gift of 50k + would impact on child tax credit.
Other incomes are child benefit, dla lower rate (will most likely lose entitlement at next review) and an injury award pension.

You have to declare the interest. You might be shifted to UC soon enough though, and you wouldn't get anything.

No only interest above £300

Thank you, in order to be open and honest, it's not me, it wasn't declared at the time. The money was spent quickly in order to buy an ex out of a house so came and went sharpish.
I don't want to cause problems if this person has done nothing wrong but equally I have low tolerance for fraud.

Nothing to see there.

Based on your update keep your nose out 🙄

This.
It came and it went so now irrelevant.

Legally if the interest was no it over £300 then its okay and fine.

Also even on benefits like income support and jsa with a 16k savings limit, if its put into housing within 6 months also okay. Ie you have sold house and have a lump sum but buying a house with it then no effect on entitlements.

So either check and read up about the situation or keep your nose out like others have said.

No gifts are not counted as income. Taxable interest from the lump sum can be counted as income, but it is unlikely to be at a sufficient level to impact payments.
Here's the government advice:

We’ll not normally take capital (that is, deposits in current and savings
accounts at banks and building societies, most lump sum payments and
the value of property, shares and other investments) into account when we
work out your entitlement to tax credits.
However, in some cases where the Income Tax rules treat capital as income,
and tax it as such, you’ll be expected to include the taxable amount as
income in your tax credits claim. This can happen if, for example, you hold
shares in a UK company and the company gives you a stock dividend
(new shares) instead of a cash dividend. This is part of what we call
‘notional income’.

assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1064064/WTC2-2022.pdf

(see page 20)

Fair enough. Out of interest does it not bother you that claiming money you're not entitled to means less for others in genuine need?
I'm not trying to start a row, as I said I have no wish to cause trouble unnecessarily for this person but equally surely it's not right to take what you shouldn't have?

There’s a lot of unclaimed benefits too. I hope you are also concerned that people are claiming what they are entitled to

The govt though removed the benefits helpline to ensure individuals could claim the right benefit.

Out of interest does it not bother you that claiming money you're not entitled to means less for others in genuine need?

How do those in need get less?

Change your username, it's clearly bollocks.

Money used to buy an ex out, sounds like they've had enough on - claiming child tax, so kids involved. Cannot fathom why you'd want to potentially ruin someone's life and impact the lives of their children over that.
Happens that it's perfectly legal - but either way, you sound so very deeply unpleasant.

But they didn't claim money that they weren't entitled to - you can have thousands in savings and still claim tax credits