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Will my CG affect my tax credit entitlement or is it not classed as "income"?
fuddyduddy12
Posts: 36 Forumite
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The disregard for tax credit purposes is £25,000 so if your 2010/2011 total personal taxable household income is more than £25,000 above last years income you will have an overpayment. As long as your claim remains live and you have entitlement they can recover the overpayment by reducing your payments in a later year. It would be a good idea to advise TCO if you think your income increase will be more than £25,000.
Regarding your tax, your accountant will complete your return for you at the end of the year and include a capital gains supplementary page with it. Then as in previous years you will get a calcualtion showing the total amount of tax you owe and which will have to be paid by 31st Jan 2012.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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