CMS Additional Income Variation - what counts?
I'll keep to the facts: I have received a letter from the CMS stating they have received a variation application based on additional income.
They state income I should report as unearned income:
property income (for example, rental income from property or land)
savings and investment income (for example, interest on savings or investments held in bank accounts or building societies, or share dividends. This does not include Individual Savings Accounts (ISAs), because the interest received on these is not taxable)
miscellaneous income (other types of taxable income which are not part of the above categories. For example casual earnings or business receipts taxed as income from an earlier tax year)
Do you know what counts as interest on savings or investments - stocks/ shares/ bitcoin etc?
What counts as a share dividends income - is this stocks and shares and profit made from the stock market or otherwise?
with additional/unearned income, they would take it into account if the amount is £2,500 and above per year. so if you were getting dividends from shares for that amount, or rental income from properties. they also have something about notional income.
@bill337 thanks bill, I have a nutmeg savings but I think it's ISA, do they need to know about that, and what are share dividends? I'm not sure if a stocks and shares savings account would count as that? I'm going to give them a call anyway today and see if I can find out from someone who knows.
Hi all - need so advise here, I sold my family home (the one I shared with my three children and my wife at the time) we sold to property In May 2023 I received 30% £35,500 and she received 70% £107,000. My ex wife has now decided she wants more money for me (even though I pay her £611pm and have never missed a payment in 6 years) she has contacted the CMS and requested a Additional Income Variation on 21/11/2023. my question is, will the CMS class the £35,500 as an additional income and screw me over? please note as of today 23/11/2031 only have £3500 left.
Any advice on this would be greatly appreciated.
it's possible that CMS may impose asset variation and increase payments. you could give detailed breakdown of house sale and show how remainder of money was spent.
i recommend you join this group for paying parents. lot of people there that experienced this situation: