Tax Credits Query - Geek Alert

[Alfer 10]

hi there,

can anyone tell me whether l have to advise the HMRC that an asset from a relative who died several years ago needs to be declared on my annual tax credits review. the sum appears on my current bank account for a day or so as it was being transfered to pay for a property... TIA

[silverglade5 22]

I would say that the property purchased with what was presumably an inheritance from your relative probably does need to be declared to HMRC as it forms part of your 'wealth', together with any income you receive from it if let. Tax credits were in my opinion rightly brought in to bolster the finances of people having a low income, and it defeats the object if people receiving them subsequently acquire and do not declare assets  that no longer put them in this category. I would suggest you give HMRC a ring, I usually find them helpful if you talk to them in a friendly way and show you're not frightened of them as many are. Good luck!

[Alfer 10]

thank you