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owning ££ on benefits after selling property

funnymonkey
funnymonkey Posts: 259 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Benefits & tax credits
Good afternoon.
Can anyone help me pls.
I currently have a buy to let property which raises a meagre income so thinking of selling.
Im a single dad so get the usual wtc.
I don't benefit from having a btl property as any additional income is taken off my benefits.
Can anyone please advise on if I were to sell is there a cash limit of savings etc before your benefits are affected?
I know it used to be 16k (I'm not un the U.C area yet)
Thank you

Comments

  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    It varies from £6-16k I believe.
  • poppy12345
    poppy12345 Posts: 18,909 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    funnymonkey wrote: »
    Good afternoon.
    Can anyone help me pls.
    I currently have a buy to let property which raises a meagre income so thinking of selling.
    Im a single dad so get the usual wtc.
    I don't benefit from having a btl property as any additional income is taken off my benefits.
    Can anyone please advise on if I were to sell is there a cash limit of savings etc before your benefits are affected?
    I know it used to be 16k (I'm not un the U.C area yet)
    Thank you
    Savings/capital doesn't affect tax credits unless the interest is over £300. If you don't claim any means tested benefits then the £16,000 limit doesn't affect you.
  • TELLIT01
    TELLIT01 Posts: 18,222 Forumite
    Part of the Furniture 10,000 Posts Name Dropper PPI Party Pooper
    What benefits are you currently claiming?
  • Darksparkle
    Darksparkle Posts: 5,465 Forumite
    No impact on tax credits but may have an impact of you later move to UC.
  • funnymonkey
    funnymonkey Posts: 259 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    TELLIT01 wrote: »
    What benefits are you currently claiming?

    Just child benefit and WTC, Also get children DLA as my child has severe ADHD
    Thank you
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