Re: ISA

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dunstonh
dunstonh Posts: 116,380 Forumite
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in Savings & investments
Under the current money laundering guidelines, that is the sort of thing that should be reported as benefit fraud is part of it now.

The minute your NI number is involved, you are just asking to be found out.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.

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  • laminki
    laminki Posts: 140 Forumite
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    if the DWP find out i will be docked my unemployment benefit which i think unfair  >:(>

    Nevertheless that's the law.
    So deal with it.

    I strongly suspect that the DIFFERENCE in interest between the ISAs is not worthe the hassle/risks of moving.

    If you have any further questions why not try asking the Department of Work and Pensions or the Inland Revenue.

    I'm sure they might have something to say ;).
  • Milarky
    Milarky Posts: 6,356 Forumite
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    Yes, it's just not worth moving at the moment. Wait until your claim ends.

    BTW, if your were working long enough before claiming benefit (and haven't been claiming more than 26 weeks) part of your benefit is 'contributory' (i.e. non mean-tested. But then you will be aware of exactly what you have been claiming and for how long) A claim for this kind of benefit does not require you misrepresent your finances, only 'income-based' JSA does
    .....under construction.... COVID is a [discontinued] scam
  • Fran
    Fran Posts: 11,281 Forumite
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    However, if you are claiming an income based benefit and you have not declared the money you could be done for fraud, which is a criminal offence.
    Torgwen.......... :) ...........
  • DiggingOut
    DiggingOut Posts: 770 Forumite
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    Fran is right. Benefits are for those who really need them, not for those who have an ISA hiding away.
    I have five stars! This doesn't mean that I know anything about any of the things I post. I could be a raving lunatic, or a brilliant genius, or just some guy on the internet. In fact, I could be all three at the same time.

    If anything I say makes sense, then do it. If not, don't. Don't blame me or my stars if you do something stupid because I suggested it. I'm responsible for my own stupidity only. You are responsible for yours.

    Why, I don't even have five stars anymore! Aren't you glad you aren't responsible for my stupidity?
  • lisyloo
    lisyloo Posts: 29,617 Forumite
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    if the DWP find out i will be docked my unemployment benefit which i think unfair

    I think you are allowed some savings before it counts against you.
    Do you know for sure this will affect your benefits?

    I would check out first whether it affects your benefits before making any further decisions.

    A figure of £3K is in my mind, but I can't confirm whether that's right.
  • Fran
    Fran Posts: 11,281 Forumite
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    Yes you can have £3,000 in savings before it affects Jobseekers Allowance or Income Support. You can also still receive some benefit if you have savings of up to £8,000. Anything in between £3,000 and £8,000 is worked out on a scale.

    Edit - The original poster has removed his/her post which is why this thread doesn't make much sense!
    Torgwen.......... :) ...........
  • Milarky
    Milarky Posts: 6,356 Forumite
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    Yes you can have £3,000 in savings before it affects Jobseekers Allowance or Income Support. You can also still receive some benefit if you have savings of up to £8,000. Anything in between  £3,000 and £8,000 is worked out on a scale.

    As a historical note, these limits have not been raised since 1988 (17 years), and the 'taper rate' for notional income has not come down either (of £1 pw 'income' from each £250 of savings or part thereof) and stands at a whopping 23% APR [£251/£250 to the power of 52 weeks] Other groups have seen gradual relaxation of the capital rules, I'm thinking of...

    Over 65s [pension 'savings' credit]: £6000 disregarded, no automatic upper limit and a taper of £1 per £500
    People in residential homes: £6000 to £10000 [probably higher now]
    Claimants of Housing Benefit/Council Tax Benefit: upper limit of £16000 not £8000.

    Finally, claiming Tax Credits [the Rolls Royce means-test]: No capital limits whatsoever - £300 in actual income ignored [equates to £6000 of savings approx] complete disregard of income from ISAs/TESSAs [effectively ignoring upto £30,000 in selected accounts] full disregard of pension contirbutions inclusive of tax relief - the same on charity-giving. CTC: [child tax credit] Flat rate payable on househoild incomes upto £50000 - Government actually proclaims that 90% [the 'poorest' 90%] of all households can get this particular 'means-tested' benefit.

    Does this not suggest that we need a single means-test for ALL benefits, both on 'equity' and administrative grounds?
    .....under construction.... COVID is a [discontinued] scam
  • dunstonh
    dunstonh Posts: 116,380 Forumite
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    LOL - yes i didnt start this post and the original first post has been deleted.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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