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Universal Credit and Help To Buy ISA that has been gifted to you
SAB16
Posts: 1 Newbie
My parents unbeknown to me did me a HTB ISA. I started work during Covid but then was told I couldn't work due to the lockdown and was renting in London so had to claim Universal Credit to help cover my rent. I have now been told that I need to repay the UC as the HTB ISA exists. But this wasn't my money it was my parents money although the account is in my name. As it has been gifted to me is there anyway that this could not count towards my savings limit of £16000?
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Comments
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It's money in your name so it will indeed count towards your savings limit.
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It was your money because your parents gifted it to you. You didn't report this when you claimed UC, if you had then your claim would have been refused. Therefore, you weren't entitled to any UC and will now need to repay back everything you received.SAB16 said:But this wasn't my money it was my parents money although the account is in my name. As it has been gifted to me is there anyway that this could not count towards my savings limit of £16000?
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