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Advice on Supporting Children's Finance Application

Hi, we sold our flat last year and paid Capital Gains Tax on the sale. This was my partner’s previous home but we now own a home together. When looking to see what is classed as income so we can support our children's applications, this seems to be a grey area. It does not look to be classed as Income, so we are unsure of if this should be put on the online form? Some research we have done said this does not need to be declared as its not income and we want to ensure we are completing the forms correctly. If it does need to be declared, if it’s not income, what should it be classed as? We would appreciate some guidance please.
Original post by Tiger2115
Hi, we sold our flat last year and paid Capital Gains Tax on the sale. This was my partner’s previous home but we now own a home together. When looking to see what is classed as income so we can support our children's applications, this seems to be a grey area. It does not look to be classed as Income, so we are unsure of if this should be put on the online form? Some research we have done said this does not need to be declared as its not income and we want to ensure we are completing the forms correctly. If it does need to be declared, if it’s not income, what should it be classed as? We would appreciate some guidance please.


Hi Tiger2115,

Capital Gains are not classed as taxable income, we will not require you to include this when providing your household income.

Thanks

Catherine
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Tiger2115
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Original post by Catherine SFE
Hi Tiger2115,

Capital Gains are not classed as taxable income, we will not require you to include this when providing your household income.

Thanks

Catherine


Thanks for that. So just to claryify, the gains on the sale do not need to provided?

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