Kids savings affect means tested?

princessdon

Is your name on the bank accounts at ALL. Even if it is in their name but you are trustee this is classed as your account as you have access to it.

If they are in a CTF - whereby you can never get access to the money and it is a legal requirement that it is paid to the child on their 18th birthday it different.

What kind of account is the money in?

raven83

princessdon wrote: »

Is your name on the bank accounts at ALL. Even if it is in their name but you are trustee this is classed as your account as you have access to it.

If they are in a CTF - whereby you can never get access to the money and it is a legal requirement that it is paid to the child on their 18th birthday it different.

What kind of account is the money in?

This is what i have, 2 of my kids have 6k each left to them by my mum when she past, it is in a CTF and cannot be touched. I didn't declare that. But had it been in a savings account even if it is tied up, then i would of.

mikey_bach

If you are on Income Supoort and they are paying for the children then capital over 3k does effect the claim

Mikedkt

I thought it was 6000, was the limit?

mikey_bach

No if I.S are paying for the children and the child has capital over 3k then I.S ceases for that child.
6k is the lower limit for capital that belongs to the claimant or parent....

mynameistallulah

mikey_bach wrote: »

No if I.S are paying for the children and the child has capital over 3k then I.S ceases for that child.
6k is the lower limit for capital that belongs to the claimant or parent....

The law changed on this a few years ago. Savings in the child's name are no longer counted for benefit purposes, but do need to be declared.

(Plus IS is no longer claimed for children - that would be CTC.)

mikey_bach

If its an old claim to I.S they may still be paying for the children,
and then the 3k capital would effect.

mynameistallulah

mikey_bach wrote: »

If its an old claim to I.S they may still be paying for the children,
and then the 3k capital would effect.

If they are completing a review form they would be migrated to CTC, any change in circumstances will prompt the move. Irrespective, the £3,000 limit has been removed for all means tested benefits - I posted a link to the legislation a while back if you want to have a look.

Ponyo1967

mikey_bach wrote: »

If its an old claim to I.S they may still be paying for the children,
and then the 3k capital would effect.

Its a new claim for me.

mynameistallulah wrote: »

If they are completing a review form they would be migrated to CTC, any change in circumstances will prompt the move. Irrespective, the £3,000 limit has been removed for all means tested benefits - I posted a link to the legislation a while back if you want to have a look.

Yes please can you post the link again?

So really then the child could have 100grand in an account in his name say was a gift from grandparents or something, and the parents could still get say means tested JSA and CTC if they qualified?

mikey_bach

For I.S puposes if they are paying for the children then capital over 3k would result in them losing I.S for the child, they could then claim CTC for that said child though.

There are Still claims that are found where this rule is being applied.
I.S are still paying for lots of children . reviews are done this doesnt change things, the only time when they have to claim CTC if their claim has a break. Eg make a new claim to I.S or JSA etc

I>S GUIDANCE
If they have more than £3,000 capital, you will not get any personal allowance for them, but you will still get the family premium. For detailed information on this, see ‘Income and Capital’.