What is the savings limit for IS, HB and Tax Credits?

restless6

Could you not put the savings into your kids savings accounts instead?

I have no idea if that is allowed or not, just an idea?

nannytone_2

restless6 wrote: »

Could you not put the savings into your kids savings accounts instead?

I have no idea if that is allowed or not, just an idea?

its not allowed.
'gifting' money in order to keep receiving benefit is definitely deprivation of capital.
also, money in children accounts can be classed as a parents money, if they have access to it

konark

A draw -down pension usually pays a regular amount which will be treated as income- affecting all your benefits.

If you will just get a lump sum you will be ok if this is less than £6000, if more it will affect IS and HB but not WTC, as you said you're moving in with your partner and losing IS anyway if there is a choice of how you are paid Id go with lump sum.

TELLIT01

nannytone wrote: »

also, money in children accounts can be classed as a parents money, if they have access to it

Assuming that money is declared when a claim is made. I wonder how many accounts in children's names but not Trust Funds are not declared.

nannytone_2

TELLIT01 wrote: »

Assuming that money is declared when a claim is made. I wonder how many accounts in children's names but not Trust Funds are not declared.

it's odd, because i know you're right.
because it wouldn't occur to me to 'hide' money, i stupidly presume that everyone else is just as honest

50Twuncle

blondebubbles wrote: »

Tax credits has no savings limit. However any interest on savings over £300 per year must be declared.

They estimate income from interest earned from savings at some totally stupid rate of around 12% ........

konark

and the bad news is...

when Universal Credit kicks in even CTC and WTC will be subject to capital limits, so many people who have some savings will lose some or all of their WTC and CTC.

tea-bag

Another one who wants all the cake!

rogerblack

tea-bag wrote: »

Another one who wants all the cake!

You think Mr Cameron doesn't employ an expensive accountant to minimise his taxes?

NYM

I'm confused now :think: Is it permissible to put money into a child's named account so that someone can continue to receive means-tested benefits ?