tax credits and means testing

[gillywilly96]

Are working family and children's tax credits means tested?

[Buenchico]

Simple answer:
Tax credits are 'means tested' against income, but not against savings.

Much more detailed answer:
http://www.direct.gov.uk/en/MoneyTaxAndBenefit s/TaxCreditsandChildBenefit/TaxCredits/index.h tm

Chris

[gillywilly96]

Thanks Buenchico!

That was exactly the answer I was hoping for!

[sara3]

was my response to your pension credits question not what you were hoping for??

[gillywilly96]

I still have problems understanding the whole pensions thing, but sorry, I should have thanked you too. I still don't know what happens to people who have not paid enough NI contributions and also do not have any other pension, but might have small savings.

[maclarencat]

If you have not paid enough ni contributions your pension will be made up with pension credit but it is means tested, so if you have any other income this will be deducted from the pension credit and if you have savings above a certain level they will be taken into account too I think they deduct �1 per week for each �100 over �6000 but not positive.