Universal Credit and property on rent

BigAunty

atlantis187 wrote: »

I just asked a simple question will letting out a property affect me when universal credits are introduced. And by how much
I don't need the third degree about weather I've done a tax return or if I've got consent to let

Why can't u guys ever just answer the question asked? Simple

Yes, the capital in a property that you own but do not occupy will affect receipt of UC.

We cannot tell how much by as an accurate measure but since capital over 16k rules out any means tested benefits, and all of UC is means tested, I assume your household won't qualify for a penny of UC, due to the 50k plus equity, coupled with your household savings.

Child benefit is outside of UC so you will continue to receive this sum.

But you should already know this because posters have given the capital rules to you months ago and informed you about the transitional protection that is in place when UC is implemented so that only new/changed claims trigger the new UC rates. You could find the policy docs on UC for the fine details on capital rules and transitionary protection.

You will lose what I assume to be around £100 per week child tax credits when your UC transitional protection ends, should your rental property generate no income. This can be mitigated by your wife taking at least a minimum national wage job of at least 16 hours.

BigAunty

"It is essential that the support offered by Universal Credit is focused on those with insufficient resources to meet their needs.

People with substantial savings or other capital clearly have sufficient capital to meet their needs – it is right that they should draw on these resources before looking to the taxpayer for support ..


We will set a capital cut-off in Universal Credit at £16,000 (both for single claimants and couples making a joint claim). Capital in excess of £6,000 will be treated as yielding an income (known as "tariff income") of £1 per week for each complete £250 over this £6,000 floor. Capital under £6,000 will be disregarded. These rules will apply to all elements of Universal Credit.

For the purpose of this rule, "capital" will include savings, stocks and shares, property and trusts. It will not include: the property occupied by the claimant as his or her main home; personal injury payments placed in trust funds; certain other compensation payments; personal pension schemes

http://www.dwp.gov.uk/docs/ucpbn-3-capital.pdf

MissMoneypenny

atlantis187 wrote: »

I just asked a simple question will letting out a property affect me when universal credits are introduced. And by how much

The equity in your let house; your £500 a month savings you are putting away and your redundancy money, puts you well over the 16k limt to get the income based welfare payment, Universal Credit. As it should.

But it reads like you already knew that so not sure why you are asking again.

mel48rose

Another one trying to bleed the benefits system dry.

atlantis187

mel48rose wrote: »

Another one trying to bleed the benefits system dry.

There seems to be soo many petty and small minded people on this forum. A lot of jealousy goes on around here just because someone is a little well off than u. U don't need to drop snidy comments

Why should I not claim everything I can I have been working for last 12 years paying into this stupid system

kelpie35

atlantis187 wrote: »

There seems to be soo many petty and small minded people on this forum. A lot of jealousy goes on around here just because someone is a little well off than u. U don't need to drop snidy comments

Why should I not claim everything I can I have been working for last 12 years paying into this stupid system

I think that your reply is very rude. :eek:

It is people like you that has caused this country to be in so much debt. :mad:

leveller2911

atlantis187 wrote: »

Why should I not claim everything I can I have been working for last 12 years paying into this stupid system

Wow a whole 12 years of contributing to Society........ I think you deserve a big slap on the back, well done you..;)

A nice round of applause for Atlantis.... :T

plum2002

kelpie35 wrote: »

I think that your reply is very rude. :eek:

It is people like you that has caused this country to be in so much debt. :mad:

No, that would be the world wide recession caused by sub prime lending, ie the USA and UK Bankers - but those on welfare are paying the price, and you've fallen for the Tories spin. Well done.

leveller2911

plum2002 wrote: »

No, that would be the world wide recession caused by sub prime lending, ie the USA and UK Bankers - but those on welfare are paying the price, and you've fallen for the Tories spin. Well done.

You forgot to mention !!!!less borrowers , those who took out 125% mortgages,Interest only mortgages (praying that HPI would pay off the capital),people who maxed out their credit cards with no idea how they would pay it all back...

I'm not a fan of the Tories but Nu-Labour almost bankrupted the country.Do you remember how Gordon Broons sucked up to the City purely because of the tax revenue that the City contributed.Remember how Nu-labour bought votes by giving tax credits, "you vote for us and we will give you free money"......

"Spin" was a Nu-Labour invention as was "spin doctor" and remember the infamous quote "A good day to bury bad news"(2002)..;)

I think all the parties have some good ideas and plenty of bad ones.

Nice sig BTW..

MissMoneypenny

plum2002 wrote: »

No, that would be the world wide recession caused by sub prime lending, ie the USA and UK Bankers - but those on welfare are paying the price, and you've fallen for the Tories spin. Well done.

Avoiding taxes and not declaring true income; to get increased income based welfare payments; hasn't helped the country either.