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inheritance

my mother will be receiving a sum of money as inheritance, i was wondering if this will affect me in anyway for my loan and grant. also where does she have to put in her application for me that she received the loan?

hope this doesn't affect my loan :frown:

Reply 1

Klix88

If it generates interest once she has it, then the interest counts as "income". However, the inheritance itself *isn't* classed as income.

Reply 2

applicationa

Also, the tax year used for 13/14 applications is the 11/12 year. So your mother wouldn't have to put it on the form this year in any case.

Reply 3

Stueydon

Original post by Klix88

If it generates interest once she has it, then the interest counts as "income". However, the inheritance itself *isn't* classed as income.

how does the interest affect the student loan, do you know?

Reply 4

applicationa

Original post by Stueydon

how does the interest affect the student loan, do you know?

Any interest earned (unless through an ISA) is classed as taxable income. But it has to have been in the 11/12 tax year to count for the 13/14 academic year.

Reply 5

Klix88

Original post by applicationa

Any interest earned (unless through an ISA) is classed as taxable income. But it has to have been in the 11/12 tax year to count for the 13/14 academic year.