Hi, my name is max1961! Can son gift me money while on UC?

max1961
max1961 Community Member Posts: 1 Listener
edited September 2 in Money and bills

My current home is a shared-ownership bungalow with HOLD. Unfortunately, HOLD has confirmed that they cannot become involved in the Section 106 arrangements relating to the alternative property I am considering.

I have significant health and mobility needs and therefore need a bungalow rather than a conventional house. I have been unable to find another suitable bungalow within my financial means. I have now identified a new-build two-bedroom bungalow at [personal details removed by moderator] which is subject to a Section 106 Discount Market Sale restriction. The property is currently priced at £190,400.

My son is considering using his inheritance to help me secure suitable accommodation by gifting approximately £45,000 to me. We understand that, because he is receiving Universal Credit, there may be implications regarding deprivation of capital or whether the gift could affect his entitlement to benefits.

Comments

  • OverlyAnxious
    OverlyAnxious Community Member Posts: 6,347 Championing

    Hi,

    Can you tell us a bit more about your son's situation? Generally having £45,000 in the bank would end entitlement to Universal Credit.

    Is this an upcoming inheritance that he hasn't received yet?

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