Declaring Premium Bonds

rvj87

Hi all,
I now have £1000 in premium bonds. I also have £2000 in my second account. Obviously I need to report a change of circumstance for my ESA. Would it be safest to declare both of these sums? Or do I only need to mention the £1000?
Any help appreciated.

huckster

I think it is savings, investments etc exceeding £6000 you have to declare for ESA. Below £6000 you don't have to declare normally, but if they ever write or phone you to check, then you disclose and they may ask for bank statements etc to make sure you are giving accurate information.

Murphybear

When I was claiming ESA you had to tell them about any money in savings/investments, not just those over £6000

TELLIT01

Any savings held at the time of claim should have been declared when the claim was made. If you have since been gifted the Premium Bonds, and your total capital remains below £6k there is no need to report them. However, if you are reporting another change of circumstance, or the bonds and 2nd account take you over the £6k lower limit, you do need to report ALL capital.

Afraid_of_Kittens

Data matching will find any undeclared savings - your claim might be suspended while they investigate - declaring could save you lots of hassle in the future - even if your savings are below the amount that will impact your claim.

rvj87

I take it I won't be too late to declare them? It's only been about 6 days.

rvj87

p.s. I have had a payment of esa about an hour ago so everything seems to be fine still. I am slightly concerned about rocking the boat/creating unnecessary trouble for myself by declaring. I do still have £1400 in my bank account as well (still a small enough amount to not matter?). Would it be enough to send them bank statements along with a covering letter?

rvj87

p.p.s worried that declaring might affect my PIP as well. Also concerned about accusations of breaking the law. Not good for my anxiety/depression

rvj87

Can someone please clear things up? Now very worried.

TELLIT01

Taking a few days to report a change is not going to create any kind of problem. From the figures you have quoted you have remained below £6k anyway so there is absolutely nothing to worry about.
I don't think PIP is Income Related, so it won't be affected by savings.

poppy12345

rvj87 wrote: »

p.p.s worried that declaring might affect my PIP as well. Also concerned about accusations of breaking the law. Not good for my anxiety/depression

PIP isn't means tested so won't be affect even if you had over £6000, which you said you don't.