Client, over 60, sold her property (on a commercial basis - not to a relative) and remains living there, with a life-long rent free lease. The purchase price is being paid by instalments of £419 pcm, with £58k outstanding.
There is an appeal hearing pending) - the LA considers that the monthly payment counts as income; I say that it counts as capital paid by instalments and therefore should only affect the total amount of our client’s capital. .
If she was under 60 I would accept that reg 31(1) of the 06 CTB regs would mean that the monthly payments would be treated as income. However, there is no equivalent regulation in the "over 60" version of the CTB regs: the definition of “income in reg 19(1) is a closed list.
Any thought will be welcome.
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