Welcome to the DAD.Info forum: Important Information – open to read:
Our forum aims to provide support and guidance where it can, however we may not always have the answer. The forum is not moderated 24 hours a day, so If you – or someone you know – are being harmed or in immediate danger of being harmed, call the police on 999.
Alternatively, if you are in crisis, please call Samaritans on 116 123.
If you are worried about you or someone you know is at risk of harm, please click here: How we can help
Dear Dad's,
I'm about to come into some inheritance approx £60k.
Thinking of putting this into an isa or savings bond.
Do I have to tell cms and how will this impact my cms liability.
Thanks
Hi,
If you report it to CMS then they will likely apply an asset/notional income variation and increase your maintenance. They would take 8% of that amount and add it to your payment plan. If you Don't declare, then it would go unnoticed, unless it shows up on tax returns, or your ex is aware of it and asks CMS for variation.
More info; https://www.dad.info/forum/child-maintenance/notional-income-variation/
Do you have a mortgage? If so, you could use some of it to reduce your mortgage amount (if you have a fixed mortgage, be aware that there are maximum amounts you can pay each year), and you could put some into a pension. Doing that may well bring your savings to less than the threshhold which you need to tell CMS in any event.
Welcome to the DAD.info forum.
We don’t like to set ‘rules’, but to make sure that you and the other dads are kept safe, we have some requests. When engaging with the forum, please be aware of the following:
- The forum is not moderated 24 hours per day.
- Many of the moderators do so on a voluntary basis. Whilst they may be able to provide some guidance, advice or support, they may not be able to deal with specifics.
- We are not an emergency crisis service so if you or someone else is in immediate danger, please call emergency services.
- If you are concerned about the safety of a child, please click here to find the support you can get for them (link to new page)
- If you are in crisis, please call Samaritans on 116 123. They are open 24 hours a day, 7 days per week.
We hope you find this forum a supportive environment and thank you for joining us.