Unearned income question

Hello,

I am currently an undergraduate first year student who has had two payments of student finance.

I called SFE earlier this academic year to check but I don't think I made my point overly clear so putting it in writing here will be clearer. Although the phone call was a while ago I seem to remember the response being I don't need to do anything as my mum should have reported it which as you will see below did not happen.

My Mum was holding some money for me which I did not know about and was not mentioned on the supporting student finance application that she filled out. After the money had interest I think of £31 or around that amount added to it the money was transferred to me.

If I remember correctly there is a certain limit of where the taxable unearned income is ignored? I think I am below it considering the unreported interest mum was holding and the rough guess I took looking at my interest gained on my personal building society bank account. I would like some clarification on how the unearned income limit works.

Do we need to do anything or does it not really matter at this stage and confirm the unearned income later?

Thanks

Reply 1

SFE Clare

Official Rep

Hi Gambon,

It would be dependent on the type of money this is. Was it savings? A trust?

Thanks, Clare

It was in savings

Original post by Gambon

It was in savings

Hi Gambon,

We would suggest writing a letter confirming you forgot to put the savings down and the level of savings you have and upload this online in your account under the evidence upload option. This link shows you how here https://youtu.be/rOMx_EG5JWk

Thanks,
Claire

Reply 4

Gambon

Hello,

I have just submitted the letter only containing the interest received from the savings account during the academic year.

Am I right in thinking that the interest before the academic year does not need to be reported nor does any other information?

Thanks

Reply 5

Drew SLC

Official Rep

Original post by Gambon

Hi Gambon,

Yes you are correct we only need to know about the unearned income you expect to receive during the academic year not before it.

Thanks, Drew

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