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Capital Gains and tax credits - urgent

jiltjilt Font Of All KnowledgeRegistered Posts: 2,903
Sorry if this is a basic question but its not something I've done before. Is a capital gain classed as income for tax credit puuposes? Been searching through HMRC manuals and still trying but if anyone can me the answer I'll love them forever.

Having a really bad day with other tenants, need a stress ball!!!!

Comments

  • PGMPGM Font Of All Knowledge Registered Posts: 1,954
    Its not something I've dealt with it related to tax credits.

    But I don't see why capital gains would ever be classed as income??
  • jiltjilt Font Of All Knowledge Registered Posts: 2,903
    I agree PGM just wanted to be absolutely sure cos it does say any misc income which is chargeable should be included. I phoned the tax credit helpline and the reply was 'I don't think so' !!!
  • PGMPGM Font Of All Knowledge Registered Posts: 1,954
    jilt wrote: »
    I phoned the tax credit helpline and the reply was 'I don't think so' !!!

    Ha! They're about as helpfull as me.

    Not a very reasuring from a tax advisor, not when you know what the penalties can be for getting it wrong!
  • MonsoonMonsoon Font Of All Knowledge FMAAT, AAT Licensed Accountant Posts: 4,071
    jilt wrote: »
    S Is a capital gain classed as income for tax credit puuposes?

    No it is not.
  • jiltjilt Font Of All Knowledge Registered Posts: 2,903
    Many thanks for your replies, I haven't included it its just nice to get clarification. Note to self, bring ATT books into office!
  • T.C.T.C. Experienced Mentor Registered, Tutor Posts: 1,448
    I had personal experience of this one - and capital gains are DEFINITELY NOTE included in a tax credits claim.
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