Childrens money and housing benefit

Indie_Kid

the.c.age wrote: »

i am going to try to get it put in a trust, that should help.

This is disposing of capital.

the.c.age

sh1305 wrote: »

This is disposing of capital.

what putting money given to my children into an account for them, how?

calleyw

I found this

Savings

If you and your partner have combined savings of more than £16,000, you will not get Housing Benefit. If you and your partner have savings of £6,000 or less, we will ignore them in working out your benefit. For every £250 in savings you have above £6,000, the rules say we must add £1.00 onto your weekly income. For example, if you have £3,500 savings, we add £2.00 onto your weekly income.

We ignore any actual interest your savings earn.

If you have dependent children who have savings of more than £3,000 you will not get an allowance in your applicable amount for them. We ignore a child's savings of less than £3,000.

Hope that helps.

Yours

Calley

DX2

the.c.age wrote: »

what putting money given to my children into an account for them, how?

The wording of the will is very important here.

clairec79

Vader123 wrote: »

Perhaps.

But why to the children and not to the mother? The mother obv needs financial help as she is asking the state for it, why not this money?

Without more information it sounds a little fishy.

Vader

Could be the father's relatives wanting to leave something to their descendents

karenx

the.c.age wrote: »

what putting money given to my children into an account for them, how?

You are named on the account, therefor have acess to the money. So the money is available to you should you need it.

fluffymovie

Hi

I have posted on a similar thread in the past.

Childrens money is not counted for Hb / CTB purposes and no change is made to the dependents allowance. This went in about 2004/06?

If your children are the beneficiary of a will, then the money is theirs. If you have access to the money that is slightly different but the test is, whether the intention was to gift the money to the children and who the beneficiary is considered to be, in law. I don't have the specific rules to hand but CAB will be able to advise.