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Iheriting and claiming CTC
SADWHR
Posts: 1 Newbie
i am set to inherit a large amount of money, around 20k, i want to know if i have to inform ctc. I intend to spend money on an extension ,(we have four children and only three bedrooms)Therfore the money will be spent within 6 months to 1 year.We also recieve DLA for one of our sons -does anyone know whom we should inform, if anyone ?
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Comments
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For tax credit purposes, you only need to decalre any interest earned on the money. The lump sum itself will make no difference and you will not be penalised for spending it either.
I don't think DLA is based on income so I'd have thought it would make no difference to that either. Someone else will know for sure.
Just to check though: do you receive just ctc because your income is too high for wtc, or do you receive it because you have no other income?Because the lump sum will be counted as income for benefits such as income support and HB. I don't think that applies but just wanted to check.0
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