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Does monthly income from parents need including for tax credits?
chicka
Posts: 16 Forumite
Hi
This is a hypothetical question at the moment.
I am going through a divorce and looking at my options financially. One option is to take over the family home on my own and get a mortgage in my name - I may struggle a bit and my parents have said they will help if I need it.
If they do contribute regularly, would I need to notify tax credits about this? I have looked on the website and it doesnt specifically include it on the list but I wondered whether anyone knows whether it would create any problems?
I am trying to cover all bases before making any decisions and if receiving money from parents was to somehow reduce my tax credits then I would need to look at an alternative.
Many thanks
Chicka
This is a hypothetical question at the moment.
I am going through a divorce and looking at my options financially. One option is to take over the family home on my own and get a mortgage in my name - I may struggle a bit and my parents have said they will help if I need it.
If they do contribute regularly, would I need to notify tax credits about this? I have looked on the website and it doesnt specifically include it on the list but I wondered whether anyone knows whether it would create any problems?
I am trying to cover all bases before making any decisions and if receiving money from parents was to somehow reduce my tax credits then I would need to look at an alternative.
Many thanks
Chicka
0
Comments
-
It wouldn't be considered income although could raise questions if you are receiving regular payments.
It would be better if they paid for something directly or gave cash.0 -
Darksparkle wrote: »It wouldn't be considered income although could raise questions if you are receiving regular payments.
It would be better if they paid for something directly or gave cash.
this is a good idea
maybe you pay for mortgage and get parents to pay for shopping petrol in car etc0 -
Your parents making payment direct to the mortgage provider would be the best option. Then there could be no question that you are receiving 'income' from undeclared sources.0
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