Capital Gains and tax credits - urgent

jilt
jilt Registered Posts: 2,892 Beyond epic contributor ๐Ÿง™โ€โ™‚๏ธ
edited June 18 in AAT member discussion
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

  • PGM
    PGM Registered Posts: 1,937 Beyond epic contributor ๐Ÿง™โ€โ™‚๏ธ
    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??
  • jilt
    jilt Registered Posts: 2,892 Beyond epic contributor ๐Ÿง™โ€โ™‚๏ธ
    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' !!!
  • PGM
    PGM Registered Posts: 1,937 Beyond epic contributor ๐Ÿง™โ€โ™‚๏ธ
    jilt wrote: ยป
    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!
  • Monsoon
    Monsoon Registered Posts: 4,020 Beyond epic contributor ๐Ÿง™โ€โ™‚๏ธ
    jilt wrote: ยป
    S Is a capital gain classed as income for tax credit puuposes?

    No it is not.
  • jilt
    jilt Registered Posts: 2,892 Beyond epic contributor ๐Ÿง™โ€โ™‚๏ธ
    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. Registered, Tutor Posts: 1,430 Beyond epic contributor ๐Ÿง™โ€โ™‚๏ธ
    I had personal experience of this one - and capital gains are DEFINITELY NOTE included in a tax credits claim.

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