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Will Inheritance affect tax credits for childcare
Willing2learn_2
Posts: 1 Newbie
Hello all, my son is eligible for working tax and child tax credits which help to pay for full-time nursery care for his daughter. He is a lone parent and works full-time. His father has just passed away and left him half a house and 20K cash. He wants to repay me £10,000 loaned for his current house purchase and put the other £10k towards buying out the other half of his dads house on a 'buy to let' loan he hopes to obtain. He then plans to rent out dads house - small terrace. How will all this potentially affect his free childcare eligibility?
0
Comments
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The inheritance doesn't affect tax credits.
Rental income will.
Plus any interest in savings over £300 per annum needs to be declared.0
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