We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Financial gift from relative and WTCs

BlissC
BlissC Posts: 3 Newbie
Part of the Furniture Photogenic Combo Breaker
in Benefits & tax credits
Hi,

I'm pretty sure I know the answer to this one, but thought I'd double-check it here.

I work part time and am on PIP and WTCs. A close relative recently gave me £2000 towards the cost of getting a new powered wheelchair (I prefer to get my own rather than going down the Motability route), and transferred it to my account before I had chance to object. I presume I need to declare this as income on my annual WTC review?

Thanks,

Bliss

Comments

  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    A gift is not income.
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
  • Petriix
    Petriix Posts: 2,303 Forumite
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    It's definitely not income and doesn't need to be declared. 
  • sheramber
    sheramber Posts: 24,475 Forumite
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Capital doesn't affect tax credits. They are only concerned with any income earned for the capital, over £300

    So unless your bank account acquires interest over £300 there is no problem.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.3K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture