We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Selling home and pension credit/state pension
Options
confusedmix
Posts: 106 Forumite
Hello there!
My father is receiving state pension and pension credit. My parents want to sell their home and move in with me. They are elderly and I live too far from them to keep going back and forth to visit them. I constantly worry about them because they are elderly and I would like to look after them. My question is, if they sell their home then will their pension credit and state pension stop? And what will be the tax implications? I think the house is worth around £70,000 and after selling it, the money will be in their bank account. Does anyone have any information on this?
(please feel free to move this post if it is in the wrong thread)
Many thanks.
My father is receiving state pension and pension credit. My parents want to sell their home and move in with me. They are elderly and I live too far from them to keep going back and forth to visit them. I constantly worry about them because they are elderly and I would like to look after them. My question is, if they sell their home then will their pension credit and state pension stop? And what will be the tax implications? I think the house is worth around £70,000 and after selling it, the money will be in their bank account. Does anyone have any information on this?
(please feel free to move this post if it is in the wrong thread)
Many thanks.
0
Comments
-
It will not effect their state pension, but that level of savings will wipe out their pension credit, unless they are on an indefinite assessed income period. How old are they?0
-
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards