Possible to move parents savings to child's name, but still have access to money?

mickym

We are currently trying very hard to save a deposit for a house. (we currently rent privately).

The missus is currently on statutory maternity leave, and we are looking into plans for when she goes back to work.

Im not sure if having savings will work against us getting any financial benefit help whilst she is a) on the last three months of her maternity, which is unpaid, and 2) when she is likely to go back to work part time.

I know some may look down on doing this kind of thing, but we have worked extremely hard to save what we have, never been out of work or claimed any benefits up until recently (child tax credit and child benefit only), and would hate for the cash we intend on using to give our new family a home in the near future to go on where our earnings are now having a bit of a shortfall.

Any info would be greatly appreciated.

jem16

mickym wrote: »

would hate for the cash we intend on using to give our new family a home in the near future to go on where our earnings are now having a bit of a shortfall.

So you would prefer that the taxpayers ( i.e. us) pay out of our hard earned savings so you can keep yours?

I took 5 years off work to bring up my children with no pay after the first 12 weeks. It's called choice and one I'm glad I made but yes it did involve cutting back on expenditure.

mickym

As I said.. i know some may frown upon this, but i am wondering if it is actually possible.

When you say about tax payers 'us' yes that includes us too. Like I say we are 33 and 35 respectively and NEVER been out of a job and pay all and plenty of taxes.

We arent huge money earners, and have worked very hard tightening belts as it is to try and save for a deposit to buy a place.

We are just looking for a short term solution, not something we would be looking to do for a long time.

jem16

mickym wrote: »

We are just looking for a short term solution, not something we would be looking to do for a long time.

Does that make a difference?

If you obtain means tested financial help whilst you are hiding savings then it's fraud no matter whether it's one day or longer.

I appreciate it's hard but you will just need to save for a little longer or your wife goes back to work earlier.

DavidHayton

Deliberately depriving yourselves of assets so you can claim benefits is illegal and if you get caught you will be in big trouble. Putting it into your children's names creates a paper trail that could be unravelled later. However, even if you fudge the paper trail (perhaps by withdrawing £20 notes from the ATM and hiding them under the floorboards), it is still possible to get caught when the money re-appears. You would be looking at a criminal record, fine and possible custodial sentence (depending on the amount). Not worth it in my view.

David

mickym

thank you for the advice.

We are not deliberately looking to break the law, hence why we have inquired here to see what is possible. We thought there may be a way around things to work for us.... just like many of those knowledgable about loop holes can quite blatantly earn more money without any repercussions 'hello MPs! / Bankers!'

If its illegal then we are definitely not going to break the law.

Oldernotwiser

What benefits are you hoping to claim?

Loughton_Monkey

Deliberate deprivement of assets in order to qualify for benefits is illegal.

nearlyrich

Mps and bankers are not claiming means tested benefits and two wrongs don't make a right....I think they ask about children's savings and take them into account above a certain level.

System

There are some legitimate outlets for savings that do not constitute deprivation. You could buy a car, or bring your house up to standard, or pay for a training course, for example.

mickym

Thanks for all the advice. As it stands it seems it is totally illegal and no one does it at all.

So looks like I wont be either.