Tax Credit Renewal......

[yelenots]

Hello please can someone help?
We have had our renewal form and in the process of filling it out but are stuck on the question about savings etc. My husband has money invested for a fixed term of 5 years and therefore we do not get any interest to live on as it gets re-invested.....what do I put down on the form???
My husband rang the help line yesterday and they didnt know!!!

[LoftyLottie]

You have probably seen this.

http://www.hmrc.gov.u...rs/other-income.htm#2

If the interest is tax free then you don't have to declare it.
Or if the interest is less than £300 in total from any savings.

[factor-fiction]

I think it will need to be declared since there is interest- it's just deferred.
Otherwise some millionaires could have all their millions invested in such products and claim tax credits or benefits.
Anyway there is no harm in declaring it provided you record what type of account it is- HMRC will then decide.

[themas]

I asume this is a fixed term bond (& not an equity investment). If it is, then interest is normaly aded to the acount every year & you should be notifiied of the amount. It is that amount you have to put down, unless the question only wants an answer if the amount is above £300 (& your amount is less).

[yelenots]

Thank you!