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tax credits and endowment
poppysarah
Posts: 11,522 Forumite
A friend has been given a cheque by their mum for an endowment policy she took out and has been paying for him for years. It's only £3k but does it count as income for TAX CREDITS? (Or does it get declared as something else?)
0
Comments
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A monetary gift is not classed as income for tax credits purposes.
If there was interest being earned on any money, the interest would be classed as "other income". If the total "other income" is £300 or less it doesn't need to be declared.0 -
Cheers!
I'll pass on the info!0 -
Hi
If you have an endowment policy that is cashed in or matures classed as income for tax credits or just the interest you receive if you bank it for the year as may have one coming up, does anyone know0
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