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alanfromderby

Property / Savings Question

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Scenario:

 

A person who owns a house is forced (through disability) to move into a rented flat. This person has been in receipt of tax credits and council tax benefit due to being on a low income.

 

Clearly they now have an asset valued at (for arguments sake) £100k, however they decide to retain the property as it will produce a rental income of around £400 per month, which will more than meet the £340 rent they now have to pay.

 

The question is this:

 

Does the property count as £100k asset (savings), or does it count as a £400 per month self-employed income, or even worse - both?


Alan, Derby, UK.

 

 

 

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Sorry, but I cannot deal with your case by PM - please ask questions in your own thread. If you do not get a reply within 48 hours send a PM, with a link to the relevant thread, to any Site Team Member.

 

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Advice given is purely my opinion, and is not based on any legal training.

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Alan, my gut feeling says both because he stills owns the house and receives money for renting it.


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Yes - my gut feeling is along the same lines, although my other thought is that it could be classed as a business asset since the person would effectively be letting it out as part of being a self-employed landlord. It is an intriguing one.


Alan, Derby, UK.

 

 

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

 

________________________________

 

Sorry, but I cannot deal with your case by PM - please ask questions in your own thread. If you do not get a reply within 48 hours send a PM, with a link to the relevant thread, to any Site Team Member.

 

DO NOT SEND QUESTIONS ABOUT YOUR CLAIM TO ADMIN, or our WEBMASTER - YOU WILL NOT RECEIVE A REPLY.

 

Advice given is purely my opinion, and is not based on any legal training.

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It will be classed as income. However, when you own a property and do not live in it, the responsibility falls on you to inform the council who your tenants are. If you do not, you are still held liable for the council tax on that house.

 

The council will not take into account property where it is:

 

  • Your home (which you live in)
  • Your previous home if it is up for sale
  • Any property you own where an elderly or disabled relative lives
  • Any property where work is being done to make it fit to live in
  • A future interest in property.
  • If you are taking legal action to occupy your home
  • Money from the sale of your property, for a period of six months if it is to be used to buy another home

 

Insofar as tax credits are concerned, capital doesn't affect them, however income from capital does.

  • Haha 1

My advice is based on my opinion, my experience and my education. I do not profess to be an expert in any given field. If requested, I will provide a link where possible to relevant legislation or guidance, so that advice provided can be confirmed and I do encourage others to follow those links for their own peace of mind. Sometimes my advice is not what people necesserily want to hear, but I will advise on facts as I know them - although it may not be what a person wants to hear it helps to know where you stand. Advice on the internet should never be a substitute for advice from your own legal professional with full knowledge of your individual case.

 

 

Please do not seek, offer or produce advice on a consumer issue via private message; it is against

forum rules to advise via private message, therefore pm's requesting private advice will not receive a response.

(exceptions for prior authorisation)

 

 

 

 

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Thanks very much - that is exactly what I was looking for. Much appreciated.


Alan, Derby, UK.

 

 

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

 

________________________________

 

Sorry, but I cannot deal with your case by PM - please ask questions in your own thread. If you do not get a reply within 48 hours send a PM, with a link to the relevant thread, to any Site Team Member.

 

DO NOT SEND QUESTIONS ABOUT YOUR CLAIM TO ADMIN, or our WEBMASTER - YOU WILL NOT RECEIVE A REPLY.

 

Advice given is purely my opinion, and is not based on any legal training.

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No problem. I aim to please!


My advice is based on my opinion, my experience and my education. I do not profess to be an expert in any given field. If requested, I will provide a link where possible to relevant legislation or guidance, so that advice provided can be confirmed and I do encourage others to follow those links for their own peace of mind. Sometimes my advice is not what people necesserily want to hear, but I will advise on facts as I know them - although it may not be what a person wants to hear it helps to know where you stand. Advice on the internet should never be a substitute for advice from your own legal professional with full knowledge of your individual case.

 

 

Please do not seek, offer or produce advice on a consumer issue via private message; it is against

forum rules to advise via private message, therefore pm's requesting private advice will not receive a response.

(exceptions for prior authorisation)

 

 

 

 

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