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£25000 present
confusedaswell
Posts: 2 Newbie
My brother one some money on the lottery and gave me £25000 the thing is I receive £48 a month tax credit. How would this money affect this. Is there anyway i can not show this?
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?????? Your`e worried about £48 per month ????? Stick the money in a high interest account for goodness sake !!0
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confusedaswell wrote: »My brother one some money on the lottery and gave me £25000 the thing is I receive £48 a month tax credit. How would this money affect this. Is there anyway i can not show this?
TBH, you should declare it. You have £25,000. Would you miss £48 per month if you didn't receive it due to your gift?
You could always claim again once you had disposed of your wind fall.
Pipkin xxxxThere is something delicious about writing the first words of a story. You never quite know where they'll take you - Beatrix Potter0 -
You have to declare it, but only the interest you earn on it will be counted as income.
It seems you are only getting the basic element of ctc anyway? If that is the case, so long as the interest doesn't take your income over £60,000ish, your ctc will not be affected anyway.
So, really there is no point in not declaring it!0 -
There is always a point in declaring it, if someone else reports it you'll still be reprimanded, just ring them up and tell them, why do people always want to hide everything!"You've been reading SOS when it's just your clock reading 5:05 "0
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sammyjammy wrote: »There is always a point in declaring it, if someone else reports it you'll still be reprimanded, just ring them up and tell them, why do people always want to hide everything!
Why do some people jump to the wrong conclusion and accuse people of covering everything up. The op was asking a question to confirm what they needed to do. Why would the op be reprimanded for not declaring the money, maybe you should check your facts before spouting out trash.
To the OP You do not have to declare any savings only the interest if it is over £300 per year. The capital does not affect your claim0 -
He could always use the money to buy you things, like a car, new tv, or a new kitchen etc and then gift them items to you. Since no money is being giving to you it's nothing to declare.0
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There is always a point in declaring it, if someone else reports it you'll still be reprimanded, just ring them up and tell them, why do people always want to hide everything!
Because they don't like the government knowing everything about them.
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congrats on the win!0
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