Maintenance payments and inheritance

MattHensley

Hi,
I’ve recently inherited some money from my late fathers estate, the amount is under the inheritance tax threshold, will this inheritance be calculated/included with my salary in my child maintenance payments for the next financial year?

Thanks

pphillips

This post is a duplicate from the Child Support forum.

MattHensley

Yes, I wasn’t sure which forum would be best to post in as my issue is relevant to both

AskAsk

would appear so from the following link

https://www.gov.uk/government/publications/child-maintenance-compliance-and-arrears-strategy-2018/child-maintenance-changes-to-compliance-measures#:~:text=have further powers.-,Other types of income,including the paying parent's home)&text=foreign income,and interest on bank accounts

Comms69

No it’s not taxable income and therefore not counted.

generally just assume it’s the opposite of what Ask says...

MattHensley

I was hoping there would be someone who is or has been in a similar position to me, the advice on the gov website is a little vague.

Comms69

MattHensley said:

I was hoping there would be someone who is or has been in a similar position to me, the advice on the gov website is a little vague.

I literally answered your question...

TBagpuss

The inheritance isn't income, so won't be counted.
Any interest you earn on the money you inherit is income and would be counted.
If you have outstanding arrears  then it is possible that the inheritance would be relevant to those.

newdomainer

Comms69 said:

No it’s not taxable income and therefore not counted.

generally just assume it’s the opposite of what Ask says...

If you look at the government website (as highlighted by Askask), it does state that assets - including gold - would be taken into account as part of the child maintenance calculation.
The reason that this worries me - in the context of the OP, is that gold does not generally produce any income (other than any gain made if you sell it).... And the government website doesn't say anything about taking your assets to pay for arrears.... (which would be logical and not unreasonable).....  It actually states that ownership of gold would be taken into account when assessing the maintenance payable.

I appreciate that sometimes the government fail to quality control their websites - but I'm not sure that this woolly & vague information isn't deliberately so?

It's an important question to get the right answer to.

My gut feeling is that it's right to take into account any taxable income from the asset but not to target the underlying asset... But absolute clarity is essential here.

I think you're right, but the wording / phrasing on the government website is ambiguous. 

Keep_pedalling

newdomainer said:

Comms69 said:

No it’s not taxable income and therefore not counted.

generally just assume it’s the opposite of what Ask says...

If you look at the government website (as highlighted by Askask), it does state that assets - including gold - would be taken into account as part of the child maintenance calculation.
The reason that this worries me - in the context of the OP, is that gold does not generally produce any income (other than any gain made if you sell it).... And the government website doesn't say anything about taking your assets to pay for arrears.... (which would be logical and not unreasonable).....  It actually states that ownership of gold would be taken into account when assessing the maintenance payable.

I appreciate that sometimes the government fail to quality control their websites - but I'm not sure that this woolly & vague information isn't deliberately so?

It's an important question to get the right answer to.

My gut feeling is that it's right to take into account any taxable income from the asset but not to target the underlying asset... But absolute clarity is essential here.

I think you're right, but the wording / phrasing on the government website is ambiguous. 

Just another poorly written U.K. gov web page. It clearly states income then lists something that does not generate income (unless you happen to be a bullion dealer)