savings and benefits

jankylejp

hi ppl in a dilemma here I am currently a single parent of 3 in receipt of income support, child tax, child support, housing and council tax benefit.. i have recently had a bit money put into a savings account for my children in which i am the trustee.. there is over 3000 in one and 1000 in the other and there is more to go in.. now my question is can the benefits agency take this money into account when working out my benefits... what are the limits on amount of savings for the benefits i receive I have heard all different amounts... any help would be great thanks

Oldernotwiser

jankylejp wrote: »

hi ppl in a dilemma here I am currently a single parent of 3 in receipt of income support, child tax, child support, housing and council tax benefit.. i have recently had a bit money put into a savings account for my children in which i am the trustee.. there is over 3000 in one and 1000 in the other and there is more to go in.. now my question is can the benefits agency take this money into account when working out my benefits... what are the limits on amount of savings for the benefits i receive I have heard all different amounts... any help would be great thanks

You say that there's more money to go in; could you tell us roughly how much more and where it's coming from?

blue_ashleigh

The woman at the job centre told me that any more than £5k will stop or reduce any benefits you may want to claim such as JSA, HB, CTB. Not sure how it's worked out or whetehr they deduct £1 for £1 but that was the figure I was told.

Not sure if money put in a trust for a child is taken into account, though, seeing as it's not really your savings as such...

Perhaps give them a ring

healy

blue_ashleigh wrote: »

The woman at the job centre told me that any more than £5k will stop or reduce any benefits you may want to claim such as JSA, HB, CTB. Not sure how it's worked out or whetehr they deduct £1 for £1 but that was the figure I was told.

Not sure if money put in a trust for a child is taken into account, though, seeing as it's not really your savings as such...

Perhaps give them a ring

The lower capital limit is £6000 and the upper capital limit is £16000. Below £6000 you will receive full means tested benefits (subject to other income) and between £6000 and £16000 benefits will be reduced. Over £16000 means tested benefits will not be paid.

Emma1973

For IS and income-based JSA if you are still entitled to have amounts of benefit for children included in your claim, your childs capital is not added to yours, but if your childs capital is over £3,000 you cannot get benefit included for that child (but family premiums are still payable)

For HB and CTB your childs capital is not added to your and does not affect your claim

Oldernotwiser

Emma1973 wrote: »

For IS and income-based JSA if you are still entitled to have amounts of benefit for children included in your claim, your childs capital is not added to yours, but if your childs capital is over £3,000 you cannot get benefit included for that child (but family premiums are still payable)

For HB and CTB your childs capital is not added to your and does not affect your claim

I think that all this depends where the child's capital has come from; if parents have transferred capital into their children's name I think it's looked on differently, hence my question.