benefits

bagpuss1_2

husband will be retiring this year which means our income will be drastically reduced. We have an isa in my name with which has a lot of money in it. That was intended to be our "rainy day " money. A well meaning friend has told me that I don't have to declare this if we are applying for benefit.I don't want to offend her but I'm sure she is wrong. I thought you had to declare all savings. Who is right?

hansi

Yes, you do have to declare all your savings. I think what your friend is thinking of is that you don't have to declare ISA's on your tax return for the purposes of tax assessment. At least, that is the way I see it.

dunstonh

A well meaning friend has told me that I don't have to declare this if we are applying for benefit.I don't want to offend her but I'm sure she is wrong. I thought you had to declare all savings. Who is right?

She is wrong I'm afraid. Only investment bonds dont have to be included (about 95% of them anyway as a few rare versions wouldnt qualify).