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money from second home

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  • January 10, 2007 at 2:31 pm #23404
    Karen
    Participant

    having a ‘senior moment’ at present .. well seen it’s the beginning of a new year

    anyway, the question is: Can you confirm the time limit that capital received from the sale of a previous home is disregarded, AND, if the clmt has money left after the purchase of a new home, does the remainer of the money remain disregarded till the end of the initial period or is it counted as capital

    January 10, 2007 at 2:40 pm #12364
    Anonymous
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    The time limit is up to 26 weeks, although this can be extended if the authority considers it reasonable to do so. I think you would be right to include any capital left over following the purchase of the new property as “ordinary” capital and thus subject to tariff income.

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