MKBH
Badges: 15
Rep:
?
#1
Report Thread starter 2 years ago
#1
Mum earned just under 10k for the tax year they want, and during this same year she got about 30k in inheritance from grandad. We were filling out the student finance application and on other income it says

"We need to know if you got any income from sources such as: property lettings, foreign income, or any lump sum payment that wasn't related to redundancy or inheritance."

So do I just not put the inheritance or does it go somewhere else or what?
0
reply
Claire SFE
Badges: 8
Rep:
?
#2
Report 2 years ago
#2
Hi MKBH,

Income from inheritance is subject to inheritance tax, not income tax, therefore it will not be included in the assessment. However, if an amount of inherited money is paid into a savings account, the interest payable will be included when assessing your student finance.
Thanks
Claire
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Have you experienced financial difficulties as a student due to Covid-19?

Yes, I have really struggled financially (56)
17.39%
I have experienced some financial difficulties (91)
28.26%
I haven't experienced any financial difficulties and things have stayed the same (120)
37.27%
I have had better financial opportunities as a result of the pandemic (44)
13.66%
I've had another experience (let us know in the thread!) (11)
3.42%

Watched Threads

View All