The status of 'gifted money'....?

lovecraft

Sea_Shell wrote: »

Sorry, Just being nosey.... are you an only child or do you have siblings? and if so, are you all receiving such generous gifts?

Yes, my wife has a brother who gets exactly the same.

Sea_Shell

Refreshing to read of fairness and equality in gifts to adult children. So often it isn't.

pipkin71

lovecraft wrote: »

Myself and my partner are lucky enough to receive regular financial help from my Mother in Law. This comes in two forms. Every year she gives us a lump sum, depending on how her investments have performed that year, which can range from £5000 to £20,000. Secondly, out of her private pension, she gives us £400 every month. This is all done via her financial advisorand declared in her accounts. Given that this is money gifted to us are we under an obligation to declare this when we apply for tax credits?

I declared as I didn't want to be hit with an overpayment later but was told that it isn't taken into consideration unless it's taxable

dippy3103

pipkin71 wrote: »

I declared as I didn't want to be hit with an overpayment later but was told that it isn't taken into consideration unless it's taxable

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