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  • FIRST POST
    • chicka
    • By chicka 19th Mar 17, 10:05 PM
    • 16Posts
    • 0Thanks
    chicka
    Does monthly income from parents need including for tax credits?
    • #1
    • 19th Mar 17, 10:05 PM
    Does monthly income from parents need including for tax credits? 19th Mar 17 at 10:05 PM
    Hi
    This is a hypothetical question at the moment.
    I am going through a divorce and looking at my options financially. One option is to take over the family home on my own and get a mortgage in my name - I may struggle a bit and my parents have said they will help if I need it.
    If they do contribute regularly, would I need to notify tax credits about this? I have looked on the website and it doesnt specifically include it on the list but I wondered whether anyone knows whether it would create any problems?
    I am trying to cover all bases before making any decisions and if receiving money from parents was to somehow reduce my tax credits then I would need to look at an alternative.
    Many thanks
    Chicka
Page 1
    • Darksparkle
    • By Darksparkle 20th Mar 17, 6:48 AM
    • 4,428 Posts
    • 2,780 Thanks
    Darksparkle
    • #2
    • 20th Mar 17, 6:48 AM
    • #2
    • 20th Mar 17, 6:48 AM
    It wouldn't be considered income although could raise questions if you are receiving regular payments.

    It would be better if they paid for something directly or gave cash.
    • newbie1980
    • By newbie1980 20th Mar 17, 6:58 AM
    • 1,808 Posts
    • 22,419 Thanks
    newbie1980
    • #3
    • 20th Mar 17, 6:58 AM
    • #3
    • 20th Mar 17, 6:58 AM
    It wouldn't be considered income although could raise questions if you are receiving regular payments.

    It would be better if they paid for something directly or gave cash.
    Originally posted by Darksparkle
    this is a good idea

    maybe you pay for mortgage and get parents to pay for shopping petrol in car etc
    • TELLIT01
    • By TELLIT01 20th Mar 17, 8:07 AM
    • 3,705 Posts
    • 3,774 Thanks
    TELLIT01
    • #4
    • 20th Mar 17, 8:07 AM
    • #4
    • 20th Mar 17, 8:07 AM
    Your parents making payment direct to the mortgage provider would be the best option. Then there could be no question that you are receiving 'income' from undeclared sources.
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