Savings affecting benefit

Floyd19

Does anyone know how much you can have in savings before benefits are affected? Read other threads that say you can have up to £6000, but they're all a few years old so wondering if this is still the case.

Thanks in advance

Indie_Kid

Yup, still £6000. Income based benefits will reduce by £1 for each £250 (or part od) that you have over £6000. They will then stop at £16000.

zagfles

It's higher for some benefits if you're older. Also tax credits have no capital rules.

Floyd19

Thank you

[Deleted User]

Hi, just a quick question. does in the interest on your isa count towards notional money. I know dividends on shares do. But not quite sure what else does. Ie interest on your isa, interest on current accounts etc. I know the limit is £300. Someone asked me the other day and as were coming up to 2014/2015 April and the new tax year. I thought I would ask..
Also what are the capital rules for this new Universal Credit?

zagfles

ImDoingItForMe wrote: »

Hi, just a quick question. does in the interest on your isa count towards notional money. I know dividends on shares do. But not quite sure what else does. Ie interest on your isa, interest on current accounts etc. I know the limit is £300. Someone asked me the other day and as were coming up to 2014/2015 April and the new tax year. I thought I would ask..
Also what are the capital rules for this new Universal Credit?

ISAs need to be declared for benefits, but can be ignored totally for tax credits. UC will have similar rules to benefits.