Working Tax Credit and equity release

Hi folks,

Just double checking but as far as I can see, taking capital through equity release shouldn’t directly impact upon an award of Working Tax Credit. If they took a lump sum, they taxable income from that could have an effect but I can’t see the simple fact of having a lump sum would be a problem.

Anyone have any thoughts? Thanks in advance as ever.

Yes, that is correct. Obviously, it could have an effect when they are moved over to UC, but not for WTC.

Thanks Charles, that’s what I thought, appreciated.