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CTC and a windfall
lemonpopsicle
Posts: 663 Forumite
We receive CTC and have just been given 50k by my in laws as a gift from the proceeds of their house sale. We are going to pay off our 30K mortgage and use most of the remainder for a new roof etc. Do I have to inform the tax credit people and will we lose CTC? We have recently stopped receiving WTC as we are just over the threshold (income 19k 2012/13). Thanks for reading 
Life's little instructions- Treat everyone you meet like you want to be treated..Watch a sunrise at least once a year..Strive for excellence not perfection:j
£2 SC no.70 £140/£350
SPC no.73 SPC9 £248 SPC10 target £250
DFBX12 No. 069 £7719 / £7719 DEBT FREE 30/11/12
2013 mfw No.4 MORTGAGE FREE 5/8/13
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Comments
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No it will not affect your Tax credits at all. So pay off the mortgage and get the roof re done. Capital will only be taken into account when the universal credit version of tax credit elements come in and that will not be for a while. Definitely not this year and probably not next now either.0
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Horseunderwater wrote: »No it will not affect your Tax credits at all. So pay off the mortgage and get the roof re done. Capital will only be taken into account when the universal credit version of tax credit elements come in and that will not be for a while. Definitely not this year and probably not next now either.
Thanks Horseunderwater, that's a relief. I've had a difficult year health wise and was extremely poorly at the beginning of the year and still need regular checks. This lovely windfall means that if anything happens to me in the future my husband and children won't have to worry about the mortgage or keeping a roof over their heads. XLife's little instructions- Treat everyone you meet like you want to be treated..Watch a sunrise at least once a year..Strive for excellence not perfection:j£2 SC no.70 £140/£350SPC no.73 SPC9 £248 SPC10 target £250DFBX12 No. 069 £7719 / £7719 DEBT FREE 30/11/122013 mfw No.4 MORTGAGE FREE 5/8/130
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