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Anthony B | U K Based Question? |
My friend who is in her mid 40's has been left some money as both of ther parents have died. She has paid the Taxman a huge ammount of money and is left with about 40k.
She has not bought the big TV and all other fancy things she intends to save it for her pension. She is however on Benefits and if she declares it she will loose it and 40k will not last too long she could go out to work but as she has lost her parents and Sister shortly after she is totally worn out as the family home had to be sold to pay of the Tax man
what can she to cover up the money she has ?
Additional Details
Oh, for everyone who thinks im not working I am . I have been with the same CO for 11yrs and pay £220 per week in TAX & N I. As for my friend both parents and the young brother have died she had to deal with all of this herself and has paid the Tax man a or the goverment a HUGE ammount of cash.. The rest of the money has been shared out with her family who have in turn paid out a lump of cash. She will go to work but needs time to sort herself out without paying more on the money
there a 10000's of people who have not paid a penny into this country and yet milk the system inc the very rich she just needs a break |
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Dimples
 |
There is only one way this "friend" can keep the money and still get benefits and that is if she is claiming Contributions based JSA, claimed when you are looking for work and have paid a certain amount of NI contributions. This benefit is not affected by savings. If she is not on this benefit then she either needs to declare it or wait until the DSS find out (and they will) at which point she could be prosecuted for fraud and she will have to pay back all the money she has had from the benefits office since she received the money. My advice to her would be to invest it in a high interest account and use it to live on until such time as she gets a job or it falls below the £16k savings limit. The other people on here are right, she should not scrounge off a system that is already straining at the seams with people who are desperately looking for work as they want to provide for themselves and are reduced to living on a very meagre amount of money until they are able to find suitable employment! |
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MICHAEL A
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She should go out and get herself a job. There's loads out there.
Hope she get's caught out. |
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Mimkat
 |
Why won't 40k last too long? It should last quite a while if she's not out blowing it on tv's etc. If the benefits people find out she's lied to them she faces a prison sentance, benefits are for people genuinely in need. And if the taxman knows about it you can be sure the benefits people won't be far behind. |
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sexybabe
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She's a Scrounger!!! I am sorry for the loss of her parents and sister but I have also lost my parents and sister but it never stopped me working.
I agree with John W that she is lucky to have that money. Tell her to put it in a high interest account and get a Job and stop scrounging off the state. |
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Captain Sarcasm
 |
You can not be serious. This question shows what a scrounging society we have got in the UK nowadays.
Your friend has £40,000 and you are trying to hide it so she doesn't have to get a job. You are trying to hide it so she doesn't have to pay tax. You are BOTH a waste of space and a drain on society. There are millions of people working hard every day and paying taxes so that spongers like you and your friend can stay at home, be idle and get everything paid for by the Government out of taxes we pay for.
GET A JOB, tell your friend to GET A JOB. We are sick and tired of paying taxes to pay benefits for people who don't need them. |
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Onestep downfrom God
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So the house(which was sold) was worth
at least £300,000 (Net) plus other assets (difficult to quantify "A huge ammount of money" (sic) but the whole estate must have been over £400,000.
Perhaps she had a lot of siblings, so she only got a small share, or her parents didn't like her much and left it all to the other kids.
Anyway, stop bitching about the system and tell her to get a job. |
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John W
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What cheek, She has been given 40K and she wants to carry on getting benefit???? Benefit is for people who need it. Your 'Friend ' wants to thank her lucky stars the she has got that money and declare it to the Benfits. If she doesn't they will find out through the Tax. Putting it in an account in someone else's name will not work so she had better be upfront about it or she could end up paying back ALL the benefits she's had and end up in Prison. |
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misskitti7®
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no way out of it,
you see they will know about the cash already
if she takes it out the bank and keeps it where they do not know about it they will ask where it as gone, if she says she as spent it they ill say prove it with bills of sale.
either way she is screwed pardon my French their
regards x kitti x |
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ᵸᵃṩᵢᴄᶦṱ☔
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if she has paid tax on it the benefits system already know as benefits are taxable they get figures from tax office ,
you can not` lose money`they will ask for `where and when it was spent`if you can not prove every penny benefits will be stopped
if you spend money faster than benefits payments you have been getting they may only pay on a very reduced rate.
sorry unless a legal solution is found these are the simple facts. |
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gordonmother
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Unfortunately, if the tax man knows about it, the social services will know about it sooner or later. |
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suzanne m
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They will find out from the Taxman so she cannot hide it. If she says she has spent it, she will have to show proof.
Premium bonds will not work as they will already know about the money. She has to be honest or she could find herself in serious trouble. |
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Sal*UK
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She can't. The Tax/Benefits office get notification of anything related to inheritance! |
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taz man
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Money invested in a bond does not have to be declared to the inland revenue or benefits people. This is because it is seen as being life assurance. Seek advice from an In dependant adviser. Other points are valid if DSS find this money benefits will stop. Does she want to spend the rest of her life looking over her shoulder. |
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AL J
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Well said Sexybabe ! |
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hemsty
 |
She should go to her local Citizens Advice Bureau and ask ti speak to financial advisor who will help her to manage this money in the most effective way and at least cost in terms of taxation or loss of benefits. Their service is free too. |
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jockman432004
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I know someone in the same ish situation but not that much money, they drew out cash and put it into safety deposit box , which you are NOT supposed to do so says the banks and if the benefits people ask say you paid off bills with it! On the other hand they are taking benefit illegally and this gov is in such a mess already with benefits payments , not very ethical either. |
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Andrew G
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Premium bonds is the best and safest place to put money and I don't think it has to be declared, or if declared will be exempt. Try checking with Citizens Advice Bureau, if they don't know they should put you in touch with someone who does. |
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CLIVE H
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If your friend has any children, she could simply invest here 40K in their name. This way the money is not hers.
If there are no children but there is a living Grand Parent, put the money in an account in their name.
Where to invest the 40K?
Best option is INCOME BONDS and you can get these at your Post Office. What's the return? About 4.5 - 5% at present. Not big but very very safe and very very guaranteed. You will be investing with the UK Treasury [THE BANK OF ENGLAND] if you will. Can't lose.
But, like I say, the 40K could be invested with another family member, a child etc., but the Monthly Income from the Bonds could be going into your account or a friends [trusted friend's] account, who then gives you the wonga each month.
How much should I expect in income from a 40K investment with Income Bonds? Approx, about £1500 to £2000 a year. "A nice little earner". That's about £30 to £40 a week by the way, approx.
Lots of people do this as a way of avoiding paying tax.
The rich middle classes are the worst tax avoiders of all.
Find out about how you can do the same. Thus avoiding losing benefits, etc.
You damn right, 40K will not last long if a person tries to live on it. Even in the lower paid sector where I used to work, it is only equal to about 2.5 years pay.
Why the hell not? As John Wayne might have said. |
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deni
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the only thing she could do would be to take the money out and have it in the house, but its not wise to do that, its not safe, and she'd lose a heap of interest on it too, maybe it would be a good idea to talk to some at the benefits office and see what they say hyperthetically...good luck |
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