Tweet
Good morning, has anyone heard the expression ' borrowed income'? I am currently disputing a CT liability order for 2007/2009. Bailiffs are involved, i have another thread in the bailiff section. In 2007-2009 my partner was an adult student at Uni, as such she was excempt CT, i however i was unemployed at the time but was told i must sign off and claim an adult dependents grant from Student Finance, This we did, and i was given £2400ish p/a grant. The council then charged me a percentage of the CT. The L.O.is £400+ for that period, now my partners student finance consisted of approx £5500 in student grants and approx. £7000 in student loans {repayable},which included my adult dependents grant. The council say all money including loans add up to your income. Surely if you earned £10,000 p/a and borrowed £10.000 from the bank it would not make you a £20.000 p/a earner, or would it? Any advice as always, much appreciated.
Loading...
-
Tags: None -
Re: 'borrowed income'?
Its the first i have heard of that - Generally loans are not considered income since they have to be paid back. I would seriously question the councils decision, pointing out it was a loan and therefore is paid back and not considered as income or as an asset, as the money is not yours, but the creditors.Please note that this advice is given informally, without liability and without prejudice. Always seek the advice of an insured qualified professional. All my legal and nonlegal knowledge comes from either here (LB),my own personal research and experience and/or as the result of necessity as an Employer and Businessman.
By using my advice in any form, you agreed to waive all rights to hold myself or any persons representing myself of any liability.
If you PM me, make sure to include a link to your thread as I don't give out advice in private. All PMs that are sent in missuse (including but not limited to phishing, spam) of the PM application and/or PMs that are threatening or abusive will be reported to the Site Team and if necessary to the police and/or relevant Authority.
I AM SO GOING TO GET BANNED BY CEL FOR POSTING terrible humour POSTS.
The Governess; 6th March 2012 GRRRRRR -
Re: 'borrowed income'?
Asking HMRC for a clear definition might be useful. Cross checking with other councils might also be informative.
Here's one:
http://www.manchester.gov.uk/info/50...for_students/5
I notice that you refer to both loans and grants. It may well be, as teaboy2 points out, that grants are income, but loans are not.Comment
Comment