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My dad who claims state pension, forgot to inform the tax people

Resolved Question:

My dad who claims state pension, forgot to inform the tax people about me (his son) moving in approximately 5 years ago and from the information they provide it doesn't appear that they are aware that he has £10,000 savings. What is likely to happen?

Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.

Hi

 

 

Thanks for your question

 

 

Can you clarify what your Dad is claiming, as state pension is paid due to contributions made throughout your Dads working life, and no amount of savings or other incomes, has any bearing on this entitlement.

 

 

Do you mean pension credit or some other benefit ?

 

 

Thanks Sam

Customer: replied 2 years ago.

Hi


 


Yes sorry would be pension credit.


 


Also missed off how many years ago I move in, it was around 5 years ago.


 


Thanks

Expert:  Sam replied 2 years ago.
Hi Mike


Thanks for your response - and the additional information

You living there will not affect the pension credit BUT will affect any claim for housing benefit and single persons discount on council tax.

But as your Dads savings are £10,000 this should not impair his entitlement - as its only savings in excess of £10,000 - and then each £5000 is treated as generating an income of £1 - which is added to his weekly income -

So the situation may not be as much of worry as you both fear.

Thanks
Sam



Sam, Accountant
Category: Tax
Satisfied Customers: 13699
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Hi Sam


 


Thank you so much for your advise, my dad was fearing the worst so hearing this is a big relief for him and us all.


 


Thank you again for your help it's much appreciated.

Expert:  Sam replied 2 years ago.
Hi Mike

You are very welcome - I can only imagine the worry this has caused.

If you have any further concerns, or tax other tax issues, then do come back to Just Answer - and you can always ask for me Sam Tax, in your new post.
If, in the meantime you could rate the level of service you have been provided, it would be appreciated, as this ensures I am credited for my time.

Thanks

Sam

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