SLloyd
Welfare Rights Adviser/Trainee Solicitor, Thorpes Solicitors, Hereford
Member since 03rd Feb 2005
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RE: Savings credit claim refused due to assets from former business
Fri 21-Sep-07 01:16 PM |
What sort of figures are we talking about? How long is it since she traded?
Business assets should be ignored for as long as you continue to work in that business. If there is a lot of stock or it is valuable or obvioulsly only a business assett, and if she has only recently stopped trading I would adrgue that making the arrangamenets for auction in effect means that she is still dealing with them as a business hence disregarded. The money raised can be used to pay of the debts, wouldn't think that deprivation would be problem.
If the person is not working due to illness, value can be disregared for 6 months initially if they intend to return to work. So if she has delayed organising the auction because of ill health this disregard might also apply.
Otherwise if she keeps them she could argue that they are personal possessions which are also disregarded, but I think that will depend on the volume and nature of the stock. I dare say there would also need to be some accounting adjustments and or tax implications, of which I know nothing!
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