benefit calculator -savings

sanova76

Hi,

I just want to clarify. When using the benefit calculator, it always ask about income from savings. I assumed it's the saving's interest not the savings itself? I have ISA.


Thanks.

San

Tommo1980

Yes that is correct. Your savings are capital.

poppy12345

sanova76 wrote: »

Hi,

I just want to clarify. When using the benefit calculator, it always ask about income from savings. I assumed it's the saving's interest not the savings itself? I have ISA.


Thanks.

San

Savings/capital over £6000 will affect any Income related (means tested) benefits you receive. Savings won't affect tax credits. The only thing that affects tax credits is the interest from the savings, any over £300 i believe.

sanova76

Thank you for the replies.

Danday

For those lucky enough to be over pensionable age, the threshold before it starts to affect a means tested benefit is increased from £6000 to £10,000.