Declaring Interest From Inheritance

I'm currently receiving Working Tax Credits and have recently received an inheritance. I gather this doesn't in itself constitute income, but I'm wondering when to declare the interest from it to the WTC people. In advance, as a change to expected income or at the time, as soon as my (annual) interest payment actually comes in or at the year end review after the interest has been received ? Thanks for you help...

Hi,
If you have interest on savings, you need to work out the gross amount you received for the award period shown on your Annual Review and minus the £300 disregard from the gross amount.
The figure left is the figure you declare. 
Thank you.

 

Thanks. Just to clarify my original point, does this mean I don't have to inform WTC of the income from interest until the *end* of the tax year when I receive the interest?

Hi gk1980,
You can provide an estimate of the interest if you know it, but can declare it at the end of the year when we ask you to renew their claim.
Depending on the increase in income it could affect their entitlement.
Further information can be found on gov.uk. Working out your income for tax credit claims and renewals Other income
Thank you.



 

Great - that's much appreciated.