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gold classed as savings...
giffgiff
Posts: 1 Newbie
Hi everyone, I'm asking this question for a relative who doesn't have access to the internet. Are precious metals like gold and silver classed as savings when claiming benefits? They have a small amount of the metals worth around £1500 in todays money.
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Comments
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yes, they are classed as assets.0
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Yes. Best to declare it."Do not attribute to conspiracy what can adequately be explained by incompetence" - rogerblack0
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Muttleythefrog wrote: »Yes. Best to declare it.
In brief, everything you have, or could get legally by applying through the courts is classed as 'savings'.
Some of this is exempted - personal possession and the house for example.
Simple metal as an investment will always count, as do shares and similar assets.
The same metal as jewellery may count as a personal possession, but it's worth checking with them to make sure.0
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