Cannot find the answer to this anywhere - does anyone here know?

willing2learn_3

Thanks - i am going to write to them - yes it's been a few times this has cropped up and i've never resolved the issue on any of the occasions. It was only this year that someone mentioned that it is allowed to put money away but they mainly mean't for the pension - since i cannot save anything for my pension due to low income I was intersted in this - but it was too late for the pension scheme....they then said this scheme worked the same way.

Obviously if it doesn't that's fine - but as it's causing so much confusion on any benefit helpline i call it is making me wonder if anyone actually knows what the rules are. I don't want to break the rules but i don't want to miss out on saving something for my pension if it's legal.

I will write back to the girls at my local office as they were doing their best to help but just seemed confused and i'l tell them i'm writing to HMRC fro clarification on this.

Thanks for that idea!!

willing2learn_3

Been told over the phone that the bonus payment will most likely be regarded as capital as it has not been taxed or had NI taken - due to buying company shares with it - however to be sure i am to send them documentation of the company's scheme so they can assess the situation. If at any point I cash it it would then be regarded as income....but they will check. Just thought i'd share as others were puzzled too.

xylophone

Do come back and give us the answer "from the horse's mouth"- I am intrigued by the ''most likely be regarded" and "be regarded as income - but they will check" - you don't seem to be much further on...
Let's hope that the written response will be more positive...:D

willing2learn_3

I will - and I plan to go and work there and then i won't be on the income that would require the benefit in the first place and I can stay in doing calculations all day as i am doing now (on my day off from work!)

That said i'm glad we have a system that helps those on low income, i do hope my situation will be temporary now....i said that before but with a major family bereavement two years ago and dealing with the aftermath - including helping support and care for both my mother and her mother....been hard to job hunt as well.

xylophone

Those who help and support sick and fragile members of their families are probably saving the taxpayer a fortune!