We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Savings limit on Incapacity Benefit, DLA, Mobility, tax credits.
bobmoat
Posts: 1 Newbie
My partner and i have recently seperated and i have agreed to buy her out of the house. Effectively giving her half the equity which works out at £16K. I'm concerned that this amount may effect the benefits she receives. She has been registered disabled for almost ten years, receives Incapacity benefit, Disabled living allowance, has a car on Mobility and has recently become eligible for tax credits. She also works part time. We were not married, have no children and have split amicably hence my concern. I have heard that there is a limit of £12K, any clear advice would be greatly appreciated. Thanks
0
Comments
-
There are no capital limits for IB & DLA & as far as I know wtc. With wtc any interest from savings is counted as income, but the capital itself doesn't count.
If she has £16k then she will not be able to claim any means tested benefits. Under £6k means tested benefits not affected, over £6k up to the cut off point of £16k means tested benefits are reduced by £1 for every £250 capital a claimant has. I believe working tax credit (wtc) is a means tested benefit.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
There are no capital limits for IB & DLA & as far as I know wtc. With wtc any interest from savings is counted as interest, but the capital itself doesn't count.
If she has £16k then she will not be able to claim any means tested benefits. Under £6k means tested benefits not affected, over £6k up to the cut off point of £16k means tested benefits are reduced by £1 for every £250 capital a claimant has. I believe working tax credit (wtc) is a means tested benefit.
Just to clarify re WTC, the first paragraph is correct - although WTC is technically means tested (in that it is affected by your income) it is not subject to the tariff income rules mentioned in the second paragraph.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards