Will my children's saving effect benefit?

stevemLS

Your children's savings may or may not affect different types of benefits.

But this money is not your children's savings, it is your money which you are attempting to hide in order to gain benefits.

duchy

Sounds like you need a decent solicitor to force the sale of the property -benefits are for those who don't have other means to live not for people with investment property to take from the tax payer so they can keep that income too....Why would it?

It's lovely you want to boost your children's savings -but you'd be expected to do that from your money AFTER you've taken care of yourself not before.

duchy

lindsey3uk wrote: »

Hi,


There is about £50,000 in the property and I know this would effect my benefit but if I gave my half to my children which was the original reason for buying the property as an investment for the children would this affect my benefits? I have 3 children so they would have about £5000 each I guess.

If there is £50K equity in the property -and your half is 50% that would be £25K -you'd be giving 3 kids £5K each...........so where is the remaining £10K going> In your pocket ? Surely "which was the original reason for buying the property as an investment for the children" means the money goes in unreachable trust until the kids are 18 ......not £10K to you and £5K to each of them until Mummy needs to "borrow" it ?

Either you're very bad at maths or this has nothing to do with your children and everything to try and keep your own money below the benefit limits.

xylophone

Unless in CTF/JISA, income arising on a trust set up for minor offspring by a parent will be regarded as that of the parent.

http://www.hmrc.gov.uk/trusts/types/minors.htm

While the children might be eligible for CTF/JISA, I should think that if a parent on MTB suddenly chose to contribute large amounts of capital which brought his own capital to below the relevant level , a question about deliberate deprivation would arise?