Savings allowances for housing benefit - can they touch the kids' money?

I know the individual savings' allowance is £6,000 for each adult (is that right?) but what about the kids? Do they take their savings, ISAs, premium bonds etc into account? Where is best place to put money so no one can get at it?
«1

Comments

  • dmg24
    dmg24 Posts: 33,925 Forumite
    Your post is a little unclear - are you trying to hide money in order to claim benefits, or are you asking about money that is already in accounts? :confused:
    Gone ... or have I?
  • DX2
    DX2 Posts: 8,275 Forumite
    SPUDJOURNO wrote: »
    I know the individual savings' allowance is £6,000 for each adult (is that right?) but what about the kids? Do they take their savings, ISAs, premium bonds etc into account? Where is best place to put money so no one can get at it?
    Since when did children have ISA's ;)
    *SIGH*
    :D
  • Kimitatsu
    Kimitatsu Posts: 3,894 Forumite
    Is the money in the childrens names already and where has it come from?

    You are entitled to have up to £6k in savings before you lose any benefits per claim not per person. So if this is a joint claim then you can only have up to £6k between you.

    If you have put the money in the childrens accounts then it can be seen as deprivation of capital because you are claiming the money is theirs. If the money is from an inheritance, or grandparents and can be clearly demonstrated as having come from them then it can be disregarded up to a limit (which I think it £3,000 but will need to check).

    You cant use childrens savings accounts in order to take your capital below the limit when you would be eligible for benefits.
    Free/impartial debt advice: Consumer Credit Counselling Service (CCCS) | National Debtline | Find your local CAB
  • fluffymovie
    fluffymovie Posts: 1,417
    First Anniversary Combo Breaker
    Forumite
    There is no limit on childrens savings in HB but it does sound to me like you are asking how to hide money and so I cant advise further as I disagree with hiding money in order to claim more benefits.
    I currently manage a Housing Benefit service and have been working in Housing / council tax benefit (as was) since 2001.

    All views expressed in my posts are my own opinions and do not necessarily reflect those of my employer.
  • please do not feed the troll
  • I'm not trying to hide anything, just trying to find where we stand with existing savings plans etc, joint savings.
    Sadly my wife and I separated before Christmas and both need to now claim separately for ESA, housing benefit etc - I am recovering from cancer, and also have degenerative arthritis, osteopororosis, diabetes while my wife suffers from chronic depression/anxiety.
    As well as some savings of our own, we already had premium bonds and savings plans in place for both our kids, to pay for university etc in the future, from money left by my wife's father when he died four years ago.
    We are living separately now but the lease on the family home is still in both our names. Will this have any effect on claiming for housing benefit for there (for my wife) and also for where I am now living?
    We are not trying to hide anythinbg, we just don't know what any of the rules are.
    Our kids are nine and 16 and both in full-time education.
  • soolin
    soolin Posts: 72,034
    Photogenic Name Dropper First Post First Anniversary
    Ambassador
    SPUDJOURNO wrote: »
    IAs well as some savings of our own, we already had premium bonds and savings plans in place for both our kids, to pay for university etc in the future, from money left by my wife's father when he died four years ago.
    .

    Are the premium bonds and savings in the name of the children and was the money left by way of a will showing that the money was for the granchildren ?
    I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.
  • bryanb
    bryanb Posts: 4,988
    First Post Combo Breaker First Anniversary
    Forumite
    "Where is the best place to put money so no one can get at it" does not fit well with "I'm not trying to hide anything"
    This is an open forum, anyone can post and I just did !
  • Apologies for my use of language. I just didn't want to lose out by money being in the wrong place. And I genuinely don't see why money that we set aside for the children - and that was given to them - should be taken into account when considering benefits to which we are deservedly entitled.
    I'm not sure if money from grandad was specified in a will but know that that was always who he intended it for. Some bonds are in children's names. Some are in my wife's name.
  • soolin
    soolin Posts: 72,034
    Photogenic Name Dropper First Post First Anniversary
    Ambassador
    SPUDJOURNO wrote: »
    Apologies for my use of language. I just didn't want to lose out by money being in the wrong place. And I genuinely don't see why money that we set aside for the children - and that was given to them - should be taken into account when considering benefits to which we are deservedly entitled.
    I'm not sure if money from grandad was specified in a will but know that that was always who he intended it for. Some bonds are in children's names. Some are in my wife's name.

    The ones in your wife's name will almost certainly be an issue as 'intending ' the money for the children is not the same as giving it to them.
    I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards