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  • dmg24
    • #2
    • 20th Jan 08, 6:28 PM
    • #2
    • 20th Jan 08, 6:28 PM
    Are you married or single?
    • katie1
    • By katie1 20th Jan 08, 7:01 PM
    • 832 Posts
    • 325 Thanks
    katie1
    • #3
    • 20th Jan 08, 7:01 PM
    • #3
    • 20th Jan 08, 7:01 PM
    Dont take this as gospal but i think it either 6000 or 8000.
    • healy
    • By healy 20th Jan 08, 7:59 PM
    • 4,717 Posts
    • 9,346 Thanks
    healy
    • #4
    • 20th Jan 08, 7:59 PM
    • #4
    • 20th Jan 08, 7:59 PM
    Dont take this as gospal but i think it either 6000 or 8000.
    Originally posted by katie1
    6000 is the lower capital limit and 16000 is the upper capital limit.
  • Gazella77
    • #5
    • 20th Jan 08, 10:18 PM
    • #5
    • 20th Jan 08, 10:18 PM
    Oh, thanks.

    I am single (the father of the baby doesn't care much and has no money so I am on my own).
    I am working full time, trying to pay off as much of my mortgage as possible but I was advised on mortgage-free wannabe to save on ISA and other saving account as the saving rate is higher than my mortgage rate and in case of emergency I have access to some money. If I pay it into my mortgage it's gone. But on the other hand I don't want to lose out on any benefits just because I decided to save instead of putting the money into my mortgage account. So if I have anything above the limit, I'd rather pay it towards the mortgage.
    • jay1jay
    • By jay1jay 21st Jan 08, 5:03 PM
    • 143 Posts
    • 111 Thanks
    jay1jay
    • #6
    • 21st Jan 08, 5:03 PM
    • #6
    • 21st Jan 08, 5:03 PM
    For tax credits it doesn't matter how much you have in savings, you just claim any 'other' income you get above 300 a year, which includes interest. Maintenance isn't counted either (if you get any)
  • Gazella77
    • #7
    • 21st Jan 08, 8:54 PM
    • #7
    • 21st Jan 08, 8:54 PM
    jay1jay, are you sure? because I keep hearing that savings may affect benefits and I am getting more and more confused.

    If you are right it means that only the interest I earn should be declared, right? Which with ISA is around 150 a year and including the other saving account, it wouldn't probably even reach 300
  • Scarlett1
    • #8
    • 22nd Jan 08, 12:08 PM
    • #8
    • 22nd Jan 08, 12:08 PM
    jay1jay, are you sure? because I keep hearing that savings may affect benefits and I am getting more and more confused.

    If you are right it means that only the interest I earn should be declared, right? Which with ISA is around 150 a year and including the other saving account, it wouldn't probably even reach 300
    Originally posted by Gazella77
    means tested benefits, i.e. income support, housing and council tax benefit will depend on what savings you have.
  • lucia15
    • #9
    • 22nd Jan 08, 5:00 PM
    • #9
    • 22nd Jan 08, 5:00 PM
    6000 is the lower capital limit and 16000 is the upper capital limit.
    Originally posted by healy
    Correct (from a Benefits Assessor).
  • Gazella77
    Right, so what is the difference in them? Who can have a lower/ higher limit?

    Also I was told by a friend today that I shouldn't even declare cash ISA as the idea of ISA is not to be taxed anyway. Any ideas about that?
  • Scarlett1
    Right, so what is the difference in them? Who can have a lower/ higher limit?

    Also I was told by a friend today that I shouldn't even declare cash ISA as the idea of ISA is not to be taxed anyway. Any ideas about that?
    Originally posted by Gazella77
    yes you would have to declare an ISA if you go on to claim a means tested benefit, IS has a limit of 6k in savings, not sure about council tax benefit think 16k is the upper limit.
  • lucia15
    Right, so what is the difference in them? Who can have a lower/ higher limit?

    Also I was told by a friend today that I shouldn't even declare cash ISA as the idea of ISA is not to be taxed anyway. Any ideas about that?
    Originally posted by Gazella77
    This limit applies to everyone. The lower limit used to be 3000 for those under 60 but this change about a year ago. So now the lower limit is 6000 for everyone. For every 250 you have over 6000, an extra 1 is added to your total income. If you have over 16,000 you will not qualify for benefit. Hope this helps.

    Lucy (Benefits Assessor)
  • lucia15
    Ps.
    ALL bank & building society accounts, shares, Premium Bonds and other investments such as land or property must be declared.
  • Gazella77
    Thank you very much, I appreciate a lot. I haven't got as much as 6 000, and anyway I think I will leave only ISA with its 3 000 for rainy days and and put the rest into my mortgage.

    On the land and properties, I suppose the one I own abroad I need to declare as well. How would it affect my claims? I bought it for approximately 10 000 and it's worth around 20 000 - 25 000 now so obviously it wouldn't bym me anything here.
  • Hapless
    Thank you very much, I appreciate a lot. I haven't got as much as 6 000, and anyway I think I will leave only ISA with its 3 000 for rainy days and and put the rest into my mortgage.

    On the land and properties, I suppose the one I own abroad I need to declare as well. How would it affect my claims? I bought it for approximately 10 000 and it's worth around 20 000 - 25 000 now so obviously it wouldn't bym me anything here.
    Originally posted by Gazella77
    You have to declare everything. You even have to declare one of those gimmick "acre of moon" plots if you have one in some areas.

    If you make your savings disappear then it could be deemed "deprivation of income" too.
    The "Bloodlust" Clique - Morally equal to all. Member 10
    grocery challenge...Budget 420

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  • lucia15
    Thank you very much, I appreciate a lot. I haven't got as much as 6 000, and anyway I think I will leave only ISA with its 3 000 for rainy days and and put the rest into my mortgage.

    On the land and properties, I suppose the one I own abroad I need to declare as well. How would it affect my claims? I bought it for approximately 10 000 and it's worth around 20 000 - 25 000 now so obviously it wouldn't bym me anything here.
    Originally posted by Gazella77
    Hi Gazella,
    If the property abroad is up for sale, it would be disregarded for 26 weeks from the date it was put on the market. If not, a valuation would be done by the Valuations Agency. From the figure they give us, we deduct the outstanding mortgage amount and the remainder is treated as capital.
    Lucy
    • Voyager2002
    • By Voyager2002 23rd Jan 08, 8:49 PM
    • 10,420 Posts
    • 6,971 Thanks
    Voyager2002
    Please visit a site like "entitled to" and work out which benefits are likely to be available to you. I can tell you from my own experience (savings over 30 grand; unemployed; children) that my tax credits are not affected by my savings, nor any interest on them. However, I cannot claim council tax benefit (and if I were a tenant I could not claim Housing Benefit) and I can only get contributions-based Job Seeker's Allowance, which only lasts for six months.
    • jay1jay
    • By jay1jay 24th Jan 08, 6:02 PM
    • 143 Posts
    • 111 Thanks
    jay1jay
    Gazella77. You definately don't need to declare savings (or other properties you own) to tax credits, just the interest etc (or rent if you rent out your other property). This is not the same for most other benefits though!
  • Gazella77
    Oh, dear, now I am getting really confused:-(

    I went to entitled to but I put my annual earnings, as they are now and there wasn't that much I could claim. I am also unsure about child care costs. Will go again though.
  • Gazella77
    and forgot to add the property is not for sale, I want to keep it just in case.
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