IB and savings

glitterygert

I am on IB, and would like to know if it is ok to have savings, and if so would I have to pay the tax on them, my mum is planning to give me some money to put in a savings account, but if it will affect my IB, I will just ask her to give it to my husband who is a tax-payer.

Thanks

healy

If you are on IB there is no limit to the amount of savings you can have as it is not means tested.

real1314

But make sure it is actually Incapacity benefit you're getting. A lot of people who claim "on the sick" get Income Support (which is means tested) but they often think they are getting IB.
If you're unsure, phone your local benefit office and ask them to check.

Otherwise, even for means tested benefits, you can have £6000 before they are affected.

seven-day-weekend

You can have any amount of savings if you are on IB and as to whether you would have to pay tax or not depends upon whether your total income is more than your personal allowance. Your tax office will help you with this if you don't know what it is.