Are childrens savings considered your capital for entitlement to universal credit

xylophone

still confused as it states you cant get jnr isa if entitled to child trust fund

See
https://www.gov.uk/child-trust-funds/overview

If entitled to a CTF ie

"born between 1 September 2002 and 2 January 2011

you were paid Child Benefit for them for at least one day before 4 January 2011

child was living in the UK

they weren’t subject to any immigration restrictions or it no longer applied before 3 April 2011"


then they are not entitled to JISA.

But CTF will be transferable to JISA from April 2015.

The CTF could be invested in one of three types of account.

The JISA is more like an ISA in so far as it can be shares and cash if required.

Re £100 rule see http://moneyfacts.co.uk/guides/savings/savings-accounts-for-children050412/

graceroy

nannytone wrote: »

as far as i am aware, if you have access to these savings, then they can be treated as if they are yours.
the simple thing to do would be to get another responsuble adult to take the accounts over and remove your name from them.

would just like to turn the subject around and ask about stocks and shares.
i have just had a letter from dwp, wanting statements from an account for stocks and shares i knew nothing about. it turns out my father has opened this account in my name in preperation for his death. do you have any advise.

Indie_Kid

graceroy wrote: »

would just like to turn the subject around and ask about stocks and shares.
i have just had a letter from dwp, wanting statements from an account for stocks and shares i knew nothing about. it turns out my father has opened this account in my name in preperation for his death. do you have any advise.

They would count, yes.

jalew_2

Hi All,

As an aside to this thread.

My Son has a Child Trust Fund - which I assume won't be counted as it can't be accessed by me or him

He also has NS&I Savings Bonds (all have still got 5 years to run) and also Premium Bonds - Any ideas if either of these will be included in my Savings figure?

I believe It'll be 2017 when I move over in my area - but I want to be clear in my mind about everything and try to avoid him losing out on his savings if possible.

Thanks in advance.

J

nigandjules

I do think all capital held in any dependants name, including child trust bonds, premium bonds and isas, all count as capital when filling in your universal credit application.

TELLIT01

Moving money now, or attempting to change the names on the accounts, will be looked upon with great suspicion by DWP. For other Income Related benefits, if you have access to the money it is counted towards the £16k limit. The only accounts which wouldn't be treated that way are children's ISAs and trust funds.