Can anyone advise?

willing2learn_3

Hi there

I'm just wondering if anyone is aware of what the rules are on this.

My father passed away in september 2009. My mother has said that she would be happy for me to put his shares in my name and she would give permission for this to happen. These are a small amount of shares only worth about £500 - £800, I haven't checked recently.

My concern is that I know my dad didn't want the shares touched, he wanted them to remain an investment. As i am currently receiving housing benefit and was overpaid working tax credits last year, if they go into my name would they be seen as income and therefore i would have to use them? I'm aware that you are allowed to have a certain amount of savings whilst receiving benefit but these are not savings they would be an income wouldn't they?

If anyone knows what the rules are i'd be interested to hear them.

Thanks

W2L

dmg24

Shares would be capital/ savings. Dividends from shares would be income.

willing2learn_3

Thanks Dmg24.

ruggles42

If you are under 60 then your capital limit is £6000 before it would affect your benefits therefore unless you have any savings these shares will not affect your benefit. The dividends are classed as income but unless they are particularly lucrative this shouldn't really affect your benefits either.

willing2learn_3

I was overpaid working tax credit last year. Would i be expected to use the shares to pay it back? I do intend to pay it back but would rather do it by cutting expenditure in some way and paying monthly...

The overpayment was me listening to bad advice. Housing benefit made a mistake and told me i wasn't entitled to any benefit. I appealed and it showed they were wrong. However in the meantime they'd advised me to apply for working tax credit and somehow i was overpaid. I still need to see if housing benefit will listen if i appeal further, the mistake they made runs back further...