I knwo this subject has been talked about often, but nothing recently and i have tried and failed to find ANY information online.
I recieve Child and working tax credits as on a low income.
I recieved a sum of 90k as inheritance from my father who passed away.
Before i recieved it i rang HMRC to query what i do when i recieve the money, and on the phone they said i needed to declare it as income and i would then need to be re assesed (obviously if thats based on income i would of been over paid). They stated that i then it woul dbe based on the start of the tax year (ie April - 7 months before i recieved it) and i woul dthen potentially need to pay back all the months since then.
Online i dont find any of this type of information. But also To me this makes no sense, im essentially get taxed on the months that i did need the money and not neccasrily for thr remainder of the year which i expected.
I understand this is a load of money, but i am still a single parent to my three children and would really like to try and get on the property ladder. We live in london and its stupidly high for rent and house prices and would really not want to live off the money if my intentions is to try and do this.
Obviously if i need to declare it as income i understand and will, i just want to know if i will have to pay back a lump sum and if im actually entitled at all.
Thanks