ChatterBank2 mins ago
Working Tax & Child Tax Credit.........
5 Answers
My husband was made redundant a couple of years ago and has been told by the job Centre we are not entitled to claim for Job Seekers allowance because of our savings (inheritance money). I have recently had to phone the Child Tax office because they had stopped it because our son had reached 16 even though he is still at school. When I was on the phone to them they asked loads of questions about our income and I told my husband wasnt working and I was only working 19hrs. Today i have received a Provisional Tax letter for this year and I am amazed that they are going to pay us some money! However before I get too excited I wonder if someone could clarify whether our savings will be taken into account with their decision. They are never asked about savings and I cannot see anything on the forms!
Thank you for your help :)
Thank you for your help :)
Answers
1 to 5 of 5
Best Answer
No best answer has yet been selected by yelenots. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
1. If your son is still at school you should still get some CTC if your circumstances are the same as they were when you were getting it.
2. Savings are not taken into account - only the interest on them if this totals £300 pa or more.
3. Make sure you check thoroughly all the figures on the award notice & tell the Tax Credit Office if anything is incorrect.
2. Savings are not taken into account - only the interest on them if this totals £300 pa or more.
3. Make sure you check thoroughly all the figures on the award notice & tell the Tax Credit Office if anything is incorrect.
When a child becomes 16 he changes from being a child to a young person. Children automatically qualify for child tax credits in the hands of the parent. Young people are only qualify provided that they remain in education (and that ceases after a few more years). By default, unless you TELL the tax credit that the child is now a QUALIFYING young person they will assume not, and hence stop the award. The transition from a child to a qualifying young person is a notifiable change of circumstances. It looks as if they have now accepted that this is the case. Working hours are irrelevant to qualifying for CTC (but are relevant for Working Tax Credits which are dealt with in the same claim).
The first £300 of joint household investment income is exempt from the income to be taken into account in assessing the claim. But capital is disregarded. Only the income arising.
The first £300 of joint household investment income is exempt from the income to be taken into account in assessing the claim. But capital is disregarded. Only the income arising.
1 to 5 of 5
