Benefits, Money

Does your children’s savings affect the amount of working and child tax credits you get?

The answer to this is no, as the amount of tax credits you get is usually based on your annual taxable income. Unlike most other means-tested benefits there is no limit on how much capital or savings you can have. However, if your claim changes over to universal credit your children’s savings could count as capital.

Your question hasn't been answered?

Please complete the fields below. One of our advisers will review your question and provide an answer within 3 working days. Check back on the board to see your question answered. We don't publish answers to questions if the subject and answer is sensitive, we will email you back directly if this is the case.

WordPress Appliance - Powered by TurnKey Linux