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Owning property and benefits
Kate...
Posts: 14 Forumite
I own 10% of a property with my family. My sister and her family live in the property. My sister doesn't pay rent as she has a share in the property also.
I have recently had to take a drop in hours at work that was out of my control. Can i claim universal credit whilst owning a 10% share of a property that my sister lives in?
I have recently had to take a drop in hours at work that was out of my control. Can i claim universal credit whilst owning a 10% share of a property that my sister lives in?
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Comments
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Is your sister on any benefits?
Let's Be Careful Out There0 -
No she's not0
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AFAIK the property your sister lives in isn't disregarded so the 10% you own would be classed as capital.
So would depend on what the 10% of property is worth, if over £16,000 then you can't claim UC.
Let's Be Careful Out There1 -
It seems you have a similar arrangement with your own home, which frankly makes little sense and could lead to real difficulties in the future. Assuming your sister has a stake in your house as well the simplest solution would be an equity swap so that neither of you is financially tied to each other.
If she does not it would be advisable for her to buy out your share. CGT might be payable, but better to get that done now before the annual allowance is drastically reduced in April.
https://forums.moneysavingexpert.com/discussion/6407665/reducing-capital-gains-tax-when-transferring-share-of-a-property#latest0
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