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

BurnleyBob

tomtom256 wrote: »

No but then I don't have nearly £6k in benefits or want to try to hide it so that I can still get/not have any benefits affected.

I have never understood how some people on means tested benefits manage to save this amount of money and plead poverty at the same time.

Once again, he's not trying to hide it. Maybe instead of italicising the word he should have used all upper case letters to spell LEGAL so that the unattentive amongst us might catch on.

Some of us are trying to offer advice from that standpoint rather than a moral one.

Naf

tomtom256 wrote: »

I have never understood how some people on means tested benefits manage to save this amount of money and plead poverty at the same time.

If by 'plead poverty' you mean 'claim benefits', its simple: because their income is substantially lower than is reasonable to expect someone to survive on. Why should any amount of savings be an unreasonable amount for them to manage to save? £6k would be £20 a week for 5 years (ish) - you're on MSE & you begrudge someone saving just £20 a week?

tomtom256

Naf wrote: »

Yes, he is (or would be) - the system does that because it is based on extremely outdated assumptions about the world & the economy.
Two people on the same income & same reliance on benefits, one is careful, lives within his means, and is able to save gradually year on year. The other spends every last penny every month, builds up credit card debts, takes lavish holidays every year (paid for with credit, of course).
They both get into a crisis and lose their jobs; the first is told where to stick it until his savings are depleted; the other is handed yet more state money to continue living exactly as before.
Fair?
No!
I rely heavily on this !!!!py system, and I've had it. I'm glad I'm off to uni next week & hopefully be rid of it for good in a few years.

But he can have upto £16k before his benefits are stopped, so no one is stopping him from saving. It just needs to be declared for tariff income purposes and for benefit to be adjusted accordingly

Uncertain

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

OK, that is your opinion but the question was "IS there a legal way"?

I don't see this as any different to the complex legal devices used by the very rich to minimise their tax bills. The problem is that those on benefits don't usually have access to top lawyers and accountants!

tomtom256

Naf wrote: »

If by 'plead poverty' you mean 'claim benefits', its simple: because their income is substantially lower than is reasonable to expect someone to survive on. Why should any amount of savings be an unreasonable amount for them to manage to save? £6k would be £20 a week for 5 years (ish) - you're on MSE & you begrudge someone saving just £20 a week?

No by plead poverty I mean he is already on means tested benefit by the look of the topic and is trying to hide his savings so that tariff income isn't taken into account and therefore doesn't have a pot to !!!! in so to speak, yet has managed to accrue nearly £6k in savings = doesn't need the benefit or am I missing something here.

I have no qualms with legitimately claiming and telling the truth about savings, but hiding or trying to hide the facts is a different matter entirely.

POPPYOSCAR

tomtom256 wrote: »

No by plead poverty I mean he is already on means tested benefit by the look of the topic and is trying to hide his savings so that tariff income isn't taken into account and therefore doesn't have a pot to !!!! in so to speak, yet has managed to accrue nearly £6k in savings = doesn't need the benefit or am I missing something here.

I have no qualms with legitimately claiming and telling the truth about savings, but hiding or trying to hide the facts is a different matter entirely.

Yes I think you are.

What some of us are saying is that it is unfair if someone saves up and as a consequence loses benefit and those that spend spend spend get more money.

Naf

tomtom256 wrote: »

But he can have upto £16k before his benefits are stopped, so no one is stopping him from saving. It just needs to be declared for tariff income purposes and for benefit to be adjusted accordingly

Where does 16k get you these days?
Thing is, what happens is this:
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back

Eventually you get fed up & decide you might as well take a holiday, drop below the limit & save yourself the hassle. Then you get bent over the table & *! for deprivation of capital.

Wouldn't it be funny if the OP were the DWP, just making sure there were no loopholes :rotfl:

POPPYOSCAR

Naf wrote: »

Where does 16k get you these days?
Thing is, what happens is this:
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back

Eventually you get fed up & decide you might as well take a holiday, drop below the limit & save yourself the hassle. Then you get bent over the table & *! for deprivation of capital.

Wouldn't it be funny if the OP were the DWP, just making sure there were no loopholes :rotfl:

Yes, I was thinking exactly the same.

Just think of all the extra paperwork for the DWP and what that must cost to administer.

Naf

tomtom256 wrote: »

I have no qualms with legitimately claiming and telling the truth about savings, but hiding or trying to hide the facts is a different matter entirely.

As has been repeatedly pointed out, the OP has said nothing about hiding or not telling the truth about it. They want to know if there is any LEGAL way. This would mean that if this method required them to state the savings, they would still do so, or if it meant they didn't legally need to declare them then they would not.

tomtom256

Naf wrote: »

Where does 16k get you these days?
Thing is, what happens is this:
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back
- You save slowly & just creep over the 16k limit
- You lose some benefit & have to start spending your savings
- You get full benefits back

Eventually you get fed up & decide you might as well take a holiday, drop below the limit & save yourself the hassle. Then you get bent over the table & *! for deprivation of capital.

Wouldn't it be funny if the OP were the DWP, just making sure there were no loopholes :rotfl:

So lets just hand out a blank cheque and not have capital limits, everyone can claim and all problems solved.

And as for it being someone form the DWP, how do you know it isn't. Stranger things have happened.