wtc and inheritance

michael_tierney

I'm on Working Tax Credit as self-employed. I also get housing benefit because at present my business income is low.
I'm just about to be given an inheritance of about £10,000. Putting this sort of money into my business could really kick-start things for me. Would it be possible to spend this money on the business and not lose my wtc/housing benefit?

benefitbaby

The capital will not impact WTC, only the interest earned would have to be declared. For HB though this would impact entitlement as you would have capital over £6k (HB is reduced by £1 for every £350 you have over £6k), a word of caution, the council can treat you as still having the capital if you spent it with the intention of retaining full benefit entitlement (called deprivation of capital).... you suggest you will use the capital in your business so IMO they should not call this a deprivation case.