LEGAL places to put capital that are not taken into account by DWP by DWP

Enigmaman

My savings are close to the £6,000 threshold. That is of course the point at which they begin to be treated as income in benefit calculations

I was wondering where I could invest in a legal way of avoiding capital being taken into account for benefits purposes. I don't have enough capital to think about buying a house, or I would do that (I rent from a Housing Association at present).

Two4Tuesday

You can invest the money safely without the DWP taking it into account, if you stop claiming means tested benefits.

robpw2

donate to the dwp christmas party....

rogerblack

In am unsure why you can't setup a trust to perform certain functions, and pay money into it from income.
This cannot be a trust you can get money from.

PippaGirl_2

You can buy Gold. It's quite an investment and will gain in value over the years.

PippaGirl_2

I can assure you the DWP do take trust funds into account even if you can't access the money.

Owain_Moneysaver

PippaGirl wrote: »

You can buy Gold. It's quite an investment and will gain in value over the years.

It's still capital though, and buying it with the intention of receiving benefits would be deprivation of capital.

jamespir

hiding your capital to claim benefits is seen as wrong by the dwp and you could get into a serious lot of trouble if they find out

BurnleyBob

I can't post links but if you google 'UK food prices to rise by 15%' then you legally keep below the limit and hedge against food/consumables inflation. Consume tomorrow at today's prices.

There's masses of grub that'll remain edible for donkey's years... freeze dried stuff (potato, coffee, etc). I'm sure googling will also provide an endless list of other stuff that you could cram your cupboards and perhaps attic with. The way central banks are QE-ing like there's no tomorrow it's not hard to imagine that inflation will show up in a big way for all the things we need to survive in the not too distant future.

BurnleyBob

Owain_Moneysaver wrote: »

It's still capital though, and buying it with the intention of receiving benefits would be deprivation of capital.

True enough with regards to bullion. The OP could invest in gold jewellery though and the DWP would be stumped as it would count as personal possessions. It's the most popular form of savings/wealth preservation for umpteen millions of Indian citizens who are very aware of what real money is.

BurnleyBob

robpw2 wrote: »

the person in question the op is deliberatly trying to hide their finances to claim benefits, as far as im concerned there should be no legal way

The OP italicised the word legal for the benefit of those who like to jump to conclusions.

He could invest in a car, a new toilet seat, a 50" telly, etc, etc, all legally even if he didn't actually require any of them. Would doing so be wrong in your world?