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Inheritance and child benefit
Dolphin577
Posts: 2
Newbie
Hi,
I was wondering if anyone would be able to give me some advice. My partner received inheritance of just over 60k in 2023 possibly late 2022 (need to check exact year). My worry is that we have been still receiving child benefit and I don't know if we should have been. When he received the money we didn't seek advice nor were we given any. I've a fear I may need to pay alot of money back.
I'd just like to add that we don't claim any other benefits and we both work full time hours at work if that needs taken into account too. Would be so grateful for any advice. Thank you 😊
I was wondering if anyone would be able to give me some advice. My partner received inheritance of just over 60k in 2023 possibly late 2022 (need to check exact year). My worry is that we have been still receiving child benefit and I don't know if we should have been. When he received the money we didn't seek advice nor were we given any. I've a fear I may need to pay alot of money back.
I'd just like to add that we don't claim any other benefits and we both work full time hours at work if that needs taken into account too. Would be so grateful for any advice. Thank you 😊
0
Comments
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Savings doesn't affect CB .
Let's Be Careful Out There1 -
An inheritance is not income it is capital, so you have no need to worry.1
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Thank you both . Is there anything we should be doing though? Like do we need to declare it to anyone?0
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No, not unless you're claiming means tested benefits.0
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Yes, to be on the safe side you need to think if your total taxable income in recent tax years has ever exceeded the lower limit for the High Income Child Benefit Charge. Either for you or your spouse individually, not your combined income as a couple.Dolphin577 said:Thank you both . Is there anything we should be doing though? Like do we need to declare it to anyone?
This was £50,000 for a long time. If your total taxable income, including things like untaxed interest, has never been near that then you don't need to worry about HICBC.0
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