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Savings and Benefits
Kimberley
Posts: 14,871 Forumite
How much do you have to have in savings before they use the savings as income? I'm not sure if it's £3000 or £4000 
I say this because my savings were down in the breakdown of how they assessed my benefits as capital.
I say this because my savings were down in the breakdown of how they assessed my benefits as capital. 0
Comments
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Its £6000 for means tested benefits like Income Support.0
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I have been confused about this myself - I read it was £6000 (single person) somewhere although I also read that anything over £3000 they reduce income support £1 of every £250, have I got it totally wrong?
I know that it used to be £3000 about 4-5 years ago because it affected me at that time.0 -
You are right about the reduction but it happens from £6000 now, this was brought in last year.0
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Crumbs, that shows I am behind the times! Thanks healy for putting me right;)0
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Hope this isn't 'overkill'. Here's the relevant information, from leaflet BRA5DWP Social Security Benefit Rates (available as a PDF at http://www.jobcentreplus.gov.uk/JCP/stellent/groups/jcp/documents/websitecontent/dev_012059.pdf)
Savings rules
Savings rules are sometimes called capital rules. The following
limits apply:
• Upper limit (income-based Jobseeker’s
Allowance and Income Support): £16,000
• Lower limit (income-based Jobseeker’s
Allowance and Income Support): £6,000
• Upper limit (Housing Benefit (HB) and
Council Tax Benefit (CTB)): £16,000
• Lower limit (HB and CTB): £6,000
Savings/capital are ignored for HB/CTB where a person is in receipt
of Income Support, income-based Jobseeker’s Allowance, or the
Guarantee Pension Credit (with or without a Savings Credit).
For people in care homes, the following limits apply:
• Upper limit (income-based Jobseeker’s Allowance,
Income Support, Council Tax and Housing Benefit) £16,000
• Lower limit (income-based Jobseeker’s Allowance,
Income Support, Council Tax and Housing Benefit) £10,0000 -
Why do they need to know how much savings you have?2008 Comping ChallengeWon so far - £3010 Needed - £230Debt free since Oct 20040
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If it is a means tested benefit they need to know your savings amount in order to pay the correct amount of benefit.0
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So if i have saved up to £6000 then this cannot be used as income when they assess my CT/HB or Tax Credits?
Thats fab because i want to save about that amount towards my immigration and visa costs in a few years time
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