gift of money

[Kassee]

I am claiming working tax credits, and am about to receive a gift of money from my parents. Do I have to disclose this gift of money does any one know?

[factor-fiction]

You need to check the hmrc or yougov sites but I recall that savings are not taken into account when assessing tax credits.

[Skyline D]

factor30 is right. Savings are irrelevant.

Gifts aren't included in the list of income that requires to be disclosed, though of course any interest earned from it is.

[Kassee]

Thanks for your replies. What about my mortgage - if I pay the money straight off on my mortgage - is that ok? or is that wrong? Thanks for your help.

[themas]

You can do what you like with the money. All the Tax Credits people need to know is if you have got more than �300 in a year in interest or dividends from your savings - not the amount of the savings thermselves.. If you pay off your mortgage you will no longer have the money so this will not occur.

The rules are quite different for means tested DWP benefits such as Council Tax Benefit or Income Support. With these, you have to declare any savings and there is an upper limit of �16000.

[Kassee]

Thank youso much for all your help - I wasnt sure what to do !