Credit qualification
Question
How do I qualify for working family tax credit? I've heard that any savings I may have could count against me. Is this true?
Answer
Working Families Tax Credit has been replaced by two different kinds of financial support: Working Tax Credit and Child Tax Credit. According to Directgov, "If you're responsible for at least one child or young person who normally lives with you, you may qualify for Child Tax Credit. If you work, but earn low wages, you may qualify for Working Tax Credit."
In both cases, your income will be taken into account, and could affect the amount you receive. Any capital you own is not taken into consideration, however, but any income from it - such as interest earned - will be counted. To find out if you qualify, visit the online calculator.
Finally, in order to qualify you must also have a legal right to reside in the UK.
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Question answered by CAB
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