invest large sum of money with effecting benefits

[happyapple]

Does anybody know of a way I could bank the equity from the sale of my house for a short period of time whilst I look for another property to buy without my family tax credits being effected

[bednobs]

well i suppose you could just not tell the family tax credit people?
isnt it benefit fraud though, if you're hiding money in order to cheat the benefits system, which after all is just there to back up people who DONT have the money, not just those who dont want to spend it??
im not up on family tax credits mind you, but its probably complicated!

[dzug]

With benefits in general, the sale proceeds of your house do not count as savings for 6 months - so you have that length of time to find another property and can quite legitimately invest them.

Family tax credits do not appear to take savings into account - so 'invest' the proceeds into a non-interest bearing account seems to be one answer..... It sounds as you will have to declare the interest at some stage though.

Have a look at the on-line guide - http://www.hmrc.gov.uk/leaflets/wtc2.htm#d2

[happyapple]

thank you dzug! ----- you may have found an answer for me because I should be able to find a house within 6 months.
cheers