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Means tested Q.
Kristine690
Posts: 84 Forumite
For people on means tested benefits who need to stay under a certain threshold.
What counts as "savings" apart from money in the bank that you would need to declare to the DWP?
I know you can keep a property you live in and a car. But what if the car was a £100k Ferrari would you need to declare that? What about a £10k private number plate? What if you have very expensive jewellery? Would the DWP want you to declare that and get you to sell it even if it had sentimental value?
These are exaggerated silly examples I know noone on IS could ever buy a Ferrari but you see what I mean. Someone on IS could be given an expensive item by a family member of friend for a more realistic example.
What counts as "savings" apart from money in the bank that you would need to declare to the DWP?
I know you can keep a property you live in and a car. But what if the car was a £100k Ferrari would you need to declare that? What about a £10k private number plate? What if you have very expensive jewellery? Would the DWP want you to declare that and get you to sell it even if it had sentimental value?
These are exaggerated silly examples I know noone on IS could ever buy a Ferrari but you see what I mean. Someone on IS could be given an expensive item by a family member of friend for a more realistic example.
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Comments
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Kristine690 wrote: »For people on means tested benefits who need to stay under a certain threshold.
What counts as "savings" apart from money in the bank that you would need to declare to the DWP?
I know you can keep a property you live in and a car. But what if the car was a £100k Ferrari would you need to declare that? What about a £10k private number plate? What if you have very expensive jewellery? Would the DWP want you to declare that and get you to sell it even if it had sentimental value?
These are exaggerated silly examples I know noone on IS could ever buy a Ferrari but you see what I mean. Someone on IS could be given an expensive item by a family member of friend for a more realistic example.
As far as i`m aware its cash only that counts,but that does include things like shares or premium bonds,property and belongings dont count0 -
Property that you live in doesn't count, although if you own a property that you don't live in they can ultimately treat it as capital/savings. As to owning an expensive car they won't be particularly interested, although questions might be asked about how you can afford its upkeep while you're on benefit (undisclosed income). As to valuable personal possessions that you've bought, inherited or been gifted they won't be interested at all.0
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