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JSA/JobBridge & Inheritance

  • 06-03-2012 2:33pm
    #1
    bb2012
    Closed Accounts Posts: 2 ✭


    Hi,

    I can't find any info here on this and I'm doing a full time internship so it's hard to get to the welfare office.

    As mentioned above, I'm doing a JobBridge internship having been on JSA fo a few months beforehand. I have just found out that I will unexpectedly be inheriting a significant amount of money soon. Not sure of exact figure but will be over e60,000.

    I am wondering how this will affect my situation? Would I be right in thinking I won't be entitled to JSA anymore and will therefore have to stop doing the internship? Even though I will have a bit of money I still won't have much work experience so this could work out very badly in the long run.

    Thanks in advance for any replies. Please note I have no intention of not declaring it or attempting to defraud the state in any way,I am just wondering what effect it will have on my entitlements.

    BB


Comments

  • #2
    MacOwen
    Registered Users, Registered Users 2 Posts: 24 ✭MacOwen


    I would imagine it will have some implications for you not sure how though. You did start it beforehand so I couldn't see them stopping it. But stranger things have happened!!!


  • #3
    Balagan
    Registered Users, Registered Users 2 Posts: 2,168 ✭✭✭Balagan


    Best thing is for you to talk with the Revenue Commissioners in case you will owe any tax on the inheritance. If any is due, pay that and then declare the remainder to the Dept of Social Protection. They will means test you on it at the following rate.

    The formula for assessing the value of capital including property (but not your own home), savings and investments is as follows:

    Capital Weekly means assessed
    First €20,000 Nil
    Next €10,000 €1 per €1,000
    Next €10,000 €2 per €1,000
    Balance (€40,000 +) €4 per €1,000     http://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/means_test_for_social_welfare_payments/means_test_for_jobseekers_allowance.html

    Don't know what amount of Jobseekers payment you were on prior to starting JobBridge but I doubt if the Social Welfare will ask you to give up the internship, although they may well reduce your payment in line with the means test. Ask them. By the way, while on a JobBridge you have the entitlement to time off to attend interviews, go to the Dept of Social Protection etc.


  • #4
    bb2012
    Closed Accounts Posts: 2 ✭bb2012


    That is extremely helpful - thank you very much.


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