Better off signing-on or transferring my tax credits to my wife?

[Deano]

Hi. I've been on JSB since November (first time in 20 years working ) and m finding it difficult getting a job. I'm thinking about going back to college to obtain a Masters so this would take me into next year.

If I move off JSB to JSA I wouldn't get much at all because my wife is at work. So I'm just wondering, would I be better off transferring my tax credits to her?

Thanks!

 

[Ildánach]

You will not be able to receive Jobseekers Allowance and do the Masters full time. Even part-time, it may affect your ability to satisfy the Genuinely Seeking Work criteria, depending on the requirements of your course. Of course, your Jobseekers Benefit is taxable income too, so take that into consideration when doing your calculations.

As for the tax credits, it would probably be better in the immediate term to transfer the credit to your wife, although if you don't then you'll get the difference back at the end of the year anyway as a rebate.