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Tax credits and Inheritence
Leighthal
Posts: 326 Forumite
Does recieving an inheritence effect my entitlement to tax credits? My wife phoned to check and they told her that only interest from monies recieved would be taken into account as extra income.However,if I use the IR 'Do I qualify?' calculator,then it asks about 'estates'.I put in the total for the estate (cash + approx value of property inherited (in the 2005/2006 tax year)) and the calculator obviously reduced my tax credits to nil.If this is correct will it only effect the year I recieved the inheritence? Or,if I sell the inherited property this tax year (currently proceeding),will this be regarded as extra income again?
In an Acapulco hotel:
The manager has personally passed all the water served here.:rotfl:
The manager has personally passed all the water served here.:rotfl:
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Comments
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You will only need to declare interest earned above £300 per annum, it doesnt look at any capital you hold, only the income earned from it.I no longer work in Council Tax Recovery but instead work as a specialist Council Tax paralegal assisting landlords and Council Tax payers with council tax disputes and valuation tribunals. My views are my own reading of the law and you should always check with the local authority in question.0
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Thanks CIS.Thats what I was hoping to hear.In an Acapulco hotel:
The manager has personally passed all the water served here.:rotfl:0
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