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Hi I pay csm monthly as agreed by their calculator.My parents have gifted me a large sum of money,does the csm take this into account or are they only interested in the money from my income?Thankyou
hi,
are you paying your ex as a private arrangement and using the CMS calculator? if your paying through the CMS then by default they only look at your gross weekly/annual income. if your ex is aware of the large sum you received, she could ask CMS for a variation of maintenance, where they can look into it and increase your maintenance payments. They have policies about unearned/notional income. more info:
https://commonslibrary.parliament.uk/research-briefings/cbp-7773/
Thanks Bill,the CSA worked the payment out as she was being greedy thinking she would get more but infact backfired on her and she got less.
CMS can take amounts over a certain value (can't recall what the number is) and assume an 8% return on this income. If you can use the sum either to pay off your mortgage, or put it into a pension, then the CMS won't included it.
The limit for assets is 31,250, but that applies individually to various forms of assets as detailed in chapter 34 of the link provided above. The 8% is applied to the amounts over 31,250. So, for example, if you were gifted 41,250, the 8% would be applied to 10,000 which is 800 which is 800x7/365 (15.34) per week to be added to your existing weekly income.
Why the government thinks that savings can produce 8% per year I don't know.
@world-traveller thank you for clarifying - I had a £30k figure in my head, but wasn't sure.
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