Means-tested benefits and limited company.

SSShuler

Hello!

As far as I understand to be eligible for means-tested benefits your savings must be below some threshold. I'm an owner-director of a small limited liability company (buy-to-let business) and I own half of this company with my wife owning the other half. The company in turn owns a portfolio of real estate properties around London, so here's the question: does my ownership of this company count towards allowable savings threshold when calculating eligibility for means-tested benefits?

Thank you!

mynameistallulah

Capital owned by the business is not counted for benefit purposes. However if you do have equity in the properties, I'm sure you would rather use that to live off than choose to claim from the state, yes?

tamiami

If you can claim it then claim it - until the government change things you may as well get what you are entitled to!!

zagfles

mynameistallulah wrote: »

Capital owned by the business is not counted for benefit purposes. However if you do have equity in the properties, I'm sure you would rather use that to live off than choose to claim from the state, yes?

Surely ownership of the company would count as an asset for the purposes of benefits - just like ownership of shares would?

real1314

zagfles wrote: »

Surely ownership of the company would count as an asset for the purposes of benefits - just like ownership of shares would?

Yep. So the value of the properties, as an asset of the company, would have an effect. As would the wife's ownership!
Along with the wife's income and any other savings.
:cool:

[Deleted User]

you rent out properties you own and you expect means tested benefits?

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