Cash wins over £10K & benefits

andrew71

Ok please if I ever win £10k I'll be a happy man. Though there is few things that I have to question
We currently receive Working & Child Tax Credit and I receive ESA. Looking into savings and what you're allowed I've found searches that say you're allowed £6000 and other saying £16000!!!
What is the correct figure?
What happens if I wanted to use the prize money to take family away for an amazing holiday? Or wanted to pay a loan?
Would benefit etc say that the cash win should have been used for us to live on?

mjm3346

Once you have the money it counts as capital and if you are on a means tested benefit it could/would be taken into account.

For some benefits you will see two figures for capital, the lower one is the point where the benefit starts to be reduced through to the higher one where it is wiped out completely.

LadyMorticia

mjm3346 wrote: »

Once you have the money it counts as capital and if you are on a means tested benefit it could/would be taken into account.

For some benefits you will see two figures for capital, the lower one is the point where the benefit starts to be reduced through to the higher one where it is wiped out completely.

Exactly this.

At £6000, your ESA would reduce £1 for each £250 over the £6000, upto £16000 and then your ESA would stop.

I'm not sure if WTC is the same.

andrew71

Thank you for your answers. The £1 per £250 is that per ESA payment?
I receive about £65 per fortnight ESA so for example if there was 8 times £250 over £6000 I presume it would £16 per fortnight taken out?

hamsterfan1

sounds about right - you's also have to be careful about spending it too. I fyou wnet on a binge & spent it all on rubbish you may still be treated as having the money