WTC as Single person , & saving

Hello

what is the saving threshold for WTC you will have in your account as single person?
so you can not apply for WTC or saving does not counts?

please reply

Thanks

shak80 wrote:Hello

what is the saving threshold for WTC you will have in your account as single person?
so you can not apply for WTC or saving does not counts?

please reply

Thanks

Savings and capital don't count for the Tax Credits benefits. It's your salary that counts.

Make sure you supply them with details of all your savings, capital, shares, properties ect and whatever they ask for because lying on a benefits claim form is fraud and you could end up in court and even prison. If you came on EU route, Germany plans to change EU laws so that those that lie on benefit forms are deported and in some cases, banned.

Savings and capital don't count for the Tax Credits benefits. It's your salary that counts.

Not quite the whole story. Clearly you have to be working sufficient hours to claim Working Tax Credits. And whilst capital, in itself, is not relevant to the calculation of WTC, all of your income is being taken into account. Except the first £300 per year of non-working income is ignored, so cutting out the need for negligible savings income to be taken into account, in most cases.

Simple example ....... salary/wages £10000 ...... savings income £25 ....... pension income £2000 ........ so £10000 + (25 + 2000 - 300) = £11725 is the income figure that would be used in the calculation of the WTC.