house sale

JC2005

Hi I would like to know will I have to tell the Child Tax Credit about the sale of a house I once owned. My account told me because it was a one off payment I did not need to tell them. What do you think. Cheers.

specialboy

JC2005 wrote: »

Hi I would like to know will I have to tell the Child Tax Credit about the sale of a house I once owned. My account told me because it was a one off payment I did not need to tell them. What do you think. Cheers.[/QUOTE


Never trust someone else for advice that isn't their field, a quick call to tax credits wont do any harm.

DomRavioli

If you are getting money from the sale of the house (so the house was in positive equity for the value you sold it at), you do usually need to let them know. I'd ring them to be on the safe side, as you haven't put down how much money we are talking about. Could be 100 quid, could be 300 grand for all we know.

JC2005

The profit for the house sale is about £30000.

help4help2013

What counts as income?

Your income before tax and National Insurance is taken into account. When you first claim tax credits, your income from the year that ended on 5 April 2013 is used. If you're in a couple, your joint income is used.
Earnings from work and some state benefits count as income. 'Other' income also counts. This can include interest on savings, pensions or income from property - but only if the total amount was more than £300 for the year. The actual amount of any savings you might have doesn’t affect tax credits.

http://www.hmrc.gov.uk/taxcredits/start/who-qualifies/what-are-taxcredits.htm

JC2005

Hi thanks for your reply, it seems you and my account are in agreement. I'm I right in thinking that there for there is no need to ask the taxman? Thanks for any more advice given.