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Assessed income period and rental income from property
Hi
Looking for some clarity on this one:
Client is considering renting out property she formerly lived in. She is in assessed income period.
Rent from a property other than the home the client lives in is not taken into account as income. According to CPAG p.950, the value of the property counts as capital and therefore treated as producing a “deemed income”.
Does this mean that it will be classed as “retirement provision”, as it is deemed income issuing from capital, in which case it does not have to be reported within the AIP, or not?
Thanks in anticipation..
See section 7(6)(c) of the State Pension Credit Act.