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Money from Estate ?

montycat_2 · 2006-04-17 17:42:01

Hello, My Husbands estate has just been settled and after paying off his debts ,there is £32,000 left .This come to me as he died without a will and I have 3 young children . Would I need to declare this as Income or ,is it tax free .I have it in savings at the mo. Thankyou

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Chrismaths Posts: 931 Forumite

17 April 2006 at 10:34PM

Capital is not normally taken account when calculating your tax credits. However, as it is over £300 you should declare it as you will be getting income from those savings, which will be taken into account when calculating your award.

You only need to declare the income from the money, not the capital itself, it's not 'income', it's capital. If the money is invested in ISAs, then the income is not counted for tax credits.

HTH and best of luck for the future for your family.

I'm an Investment Manager. Any comments I make on this board should be not be construed as advice, and are for general information purposes only.
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Money from Estate ?

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