Urgent! Do I have to declare this as unearned income?

On their 18th birthday my friend received some money from an inheritance (I won't say how much but it is 30k +) and they are currently completing their student finance application. The money is in a simple cash account and the interest is only around £420 a year. Do they need to declare this interest as unearned income or do they need to state the full amount. Also, I know this sounds silly but - they may need to spend some of the money in said account after submitting the application meaning that the value of the lump sum/ interest may be different to that quoted on the application. Would this affect the application? It would be really useful if someone could help as I have tried the websites but they are really unclear.

Reply 1

Snufkin

Universities Forum Helper

You don't need to mention the inheritance in your application, it isn't money you've earned (and paid income tax on) so it's irrelevant. You do need to declare the interest though.

Reply 2

Parrotperson

Original post by Snufkin

You don't need to mention the inheritance in your application, it isn't money you've earned (and paid income tax on) so it's irrelevant. You do need to declare the interest though.