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  • FIRST POST
    • Kimberley
    • By Kimberley 25th Mar 07, 1:43 PM
    • 13,339Posts
    • 20,352Thanks
    Kimberley
    Savings and Benefits
    • #1
    • 25th Mar 07, 1:43 PM
    Savings and Benefits 25th Mar 07 at 1:43 PM
    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 :confused: I say this because my savings were down in the breakdown of how they assessed my benefits as capital.
    Australia 2016
Page 1
    • healy
    • By healy 25th Mar 07, 2:01 PM
    • 4,717 Posts
    • 9,346 Thanks
    healy
    • #2
    • 25th Mar 07, 2:01 PM
    • #2
    • 25th Mar 07, 2:01 PM
    Its £6000 for means tested benefits like Income Support.
  • TOBRUK
    • #3
    • 25th Mar 07, 2:12 PM
    • #3
    • 25th Mar 07, 2:12 PM
    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.
    • healy
    • By healy 25th Mar 07, 3:43 PM
    • 4,717 Posts
    • 9,346 Thanks
    healy
    • #4
    • 25th Mar 07, 3:43 PM
    • #4
    • 25th Mar 07, 3:43 PM
    You are right about the reduction but it happens from £6000 now, this was brought in last year.
  • TOBRUK
    • #5
    • 25th Mar 07, 3:46 PM
    • #5
    • 25th Mar 07, 3:46 PM
    Crumbs, that shows I am behind the times! Thanks healy for putting me right
  • davemack
    • #6
    • 25th Mar 07, 5:31 PM
    • #6
    • 25th Mar 07, 5:31 PM
    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) £10,000
  • black-saturn
    • #7
    • 25th Mar 07, 6:31 PM
    • #7
    • 25th Mar 07, 6:31 PM
    Why do they need to know how much savings you have?
    • healy
    • By healy 25th Mar 07, 6:41 PM
    • 4,717 Posts
    • 9,346 Thanks
    healy
    • #8
    • 25th Mar 07, 6:41 PM
    • #8
    • 25th Mar 07, 6:41 PM
    If it is a means tested benefit they need to know your savings amount in order to pay the correct amount of benefit.
    • Kimberley
    • By Kimberley 25th Mar 07, 8:38 PM
    • 13,339 Posts
    • 20,352 Thanks
    Kimberley
    • #9
    • 25th Mar 07, 8:38 PM
    • #9
    • 25th Mar 07, 8:38 PM
    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
    Australia 2016
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