Would you go to prison for hiding savings?

princessdon

Jennifer555 wrote: »

leveller2911 wrote: »

I agree. And I too pay loads of tax.
BTW I am not claiming benefits for being out of work, just claiming a small amount of HB because of low income.

I am amazed by the ones on here saying they hope I go to prison. Interesting.

To be honest - (at this point in time) you can't be paying "loads of tax" if you are getting HB - because if you were earning enough to pay "loads of tax" you wouldn't be entitled.

I don't wish anyone to go to prison - but you know what you are doing is wrong and I can't see why you would risk a criminal record (and the safety net of future benefits) for the sake of such a small sum of money.

tagq2

Wouldn't a SIPP be the appropriate financial instrument here rather than an ISA?

Jennifer555

Cornish_piskie wrote: »

No you aren't :cool:

You could have paid your rent, still claimed some HB (within the times that you were under £6k then between £6k - £16k and still saved for your *cough* pension.

You've been greedy IMHO

Hence why I declared it

Jennifer555

princessdon wrote: »

Jennifer555 wrote: »

To be honest - (at this point in time) you can't be paying "loads of tax" if you are getting HB - because if you were earning enough to pay "loads of tax" you wouldn't be entitled.

I don't wish anyone to go to prison - but you know what you are doing is wrong and I can't see why you would risk a criminal record (and the safety net of future benefits) for the sake of such a small sum of money.

I knew someone was going to say something like that. Everything is taxed. Yes I pay and have paid loads of tax. "Wrong" and "right" are just points of view.

princessdon

Jennifer555 wrote: »

princessdon wrote: »

I knew someone was going to say something like that. Everything is taxed. Yes I pay and have paid loads of tax. "Wrong" and "right" are just points of view.

Right v Wrong is based on the rules - not personal opinions.

I do personally beleive that the govt should allow some form of none pension savings for old age. Ie a type of ISA that once the value is put in that account can never ever be removed until 67 years old that is not counted for benefit reasons.

But they don't - so it's wrong to claim, I don't make the rules - I just think they should be followed.

Cornish_piskie

Jennifer555 wrote: »

Hence why I declared it

No, you declared some of it. Why not all of it? If you could amass that amount of savings then you clearly could afford to declare every penny of it and then rest comfortably knowing that you were not committing any sort of fraud. You've been caught out, that is all (and they will very quickly 'find' the ISA account as other posters have mentioned).

Absolutely, I do not think you should go to prison - that would be totally counter-productive. I think you are looking at paying back the overpaid HB and facing a fine after some fairly uncomfortable interviews under caution. I think that is just in this situation.

Jennifer555

Cornish_piskie wrote: »

No, you declared some of it. Why not all of it? If you could amass that amount of savings then you clearly could afford to declare every penny of it and then rest comfortably knowing that you were not committing any sort of fraud. You've been caught out, that is all (and they will very quickly 'find' the ISA account as other posters have mentioned).

.

I didn't get "caught out" I decided to tell them about it.
Glad you're enjoying my misfortune so much.

Pricivius

Jennifer555 wrote: »

I didn't get "caught out" I decided to tell them about it.
Glad you're enjoying my misfortune so much.

I hardly see this as misfortune! By admitting that you decided to tell them about it suggests you knew it was potentially dodgy. So you have tried to get away with it, but your conscience has forced you to 'fess up. In the meantime, you have claimed HB you were not entitled to, and you had an inkling this was the case.

That's not misfortune.

bestpud

Jennifer555 wrote: »

Duchy, I don't know why but your post actually made me laugh a little bit despite my anguish about all this at the moment.

And no matter who tells me any different, the courts or you, its NOT savings its a pension. I know that and I am not ashamed of it hence my openess. It is just all the trigger around rules/regs and law that made me wonder about telling them about it but if any of them are anything like you I may think twice.

Why weren't you so open about your 'pension' when you claimed HB and submitted all the renewals over the years?

I don't think you will go to prison (although it can't be ruled out) but you will have to repay it and will probably receive a fine on top.

I would say your best bet is to call them and confess now, before they find out for themselves, and hope they take your confession and cooperation into account.

Jennifer555

Pricivius wrote: »

I hardly see this as misfortune! By admitting that you decided to tell them about it suggests you knew it was potentially dodgy. So you have tried to get away with it, but your conscience has forced you to 'fess up. In the meantime, you have claimed HB you were not entitled to, and you had an inkling this was the case.

That's not misfortune.

I honestly didn't think there was anything wrong with it at all at first. It was just common sense to me, where I was in my life at the time and I didn't bat an eyelid. Just wasn't a big deal. But the past is the past.
I just very recently started to feel odd about it, perhaps because of the judgmental sorts of things people like you come out with. Maybe I can aspire to one day be as perfect as you have probably always been!