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Need advice re profit from house sale/working tax credits

(5 Posts)
sb6699 Thu 25-Sep-08 11:05:45

Have been made an offer on my flat which will give us around £18k profit. I really need to keep hold of this money to use as a deposit on another property (when we find one we can afford!) as this money will be the only savings we have.

Does anyone know if I have to declare this profit to the Working Tax Credits people.

KatieDD Thu 25-Sep-08 13:19:28

Did you live in the property prior to selling it ?
The interest will count as income but the actual profit would not because it's the sale of your own home providing it's not a property which has been let out.
hth

SpinsterinScotland Thu 25-Sep-08 13:27:01

Hi

I sold my flat and made a profit which I put down as a deposit for my new house.

As far as I know if it is your main residence the profit you make does not count as income for tax credits.

It it does I am in trouble as I didn;t mention it in my tax credits declaration!

coldshowers Thu 25-Sep-08 13:29:17

Tax credits only interested in lump sums over £30k otherwise all you declare is any interest earnt on it.

hth

sb6699 Thu 25-Sep-08 13:53:30

Thank you ladies - puts my mind at ease.smile

We really couldn't afford to build another deposit if the tax credits people stopped our money and we had to resort to using the savings for bills and stuff.

Coldshowers - if I had sold my property this time last year I would have made over 30K - suppose that's life.

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