Unspent money and UC

Elmer_BeFuddled

Nice to know my tax is subsidising your mortgage savings dream.

Spoonie_Turtle

Elmer_BeFuddled said:

Nice to know my tax is subsidising your mortgage savings dream.

It's not. Once their savings are over £6000 a proportional deduction will be made from their UC and if their savings reach £16000 their claim will close. If any money is put into ISAs for their children it will be locked away, for their children to access in the future, not for the parents.

Like poppy said, while they're entitled to UC it is up to them how they spend it (or don't).

lhead123

Elmer_BeFuddled said:

Nice to know my tax is subsidising your mortgage savings dream.

We both work full time and pay taxes too. The government says we are entitled to some Universal Credit money, so why wouldn't we claim it?

Would you rather we didn't save the money and spent it on holidays abroad, the best new expensive tech, designer clothes, or other frivolous items? Sorry if we are too frugal for you.....

swingaloo2

I don't blame you for claiming as you are entitled to. However, to me there is something very wrong with a system which is there to help people in their time of need. You clearly don't 'Need' the money so somewhere along the line the system is at fault for allowing it.  My son works full time and pays his taxes but because he is a single person and just above the claim limit he gets no help whatsoever, nor does he have the opportunity to buy expensive watches, take holidays or save.

theoretica

I am not really happy with the idea of giving people more in benefits just because they spend more - which is the other side of taking away benefits because someone is frugal.

strawb_shortcake

lhead123 said:

Elmer_BeFuddled said:

Nice to know my tax is subsidising your mortgage savings dream.

We both work full time and pay taxes too. The government says we are entitled to some Universal Credit money, so why wouldn't we claim it?

Would you rather we didn't save the money and spent it on holidays abroad, the best new expensive tech, designer clothes, or other frivolous items? Sorry if we are too frugal for you.....

We are in a similar position to you, but on the legacy tax credits so allowed to have savings, and we do have quite substantial savings. I will absolutely be the first to say the system is broken, I don't think we should be entitled to the tax credits (I earn a good wage as well as the savings) but I'm not going to stop claiming because some consider it "morally wrong" it doesn't sit completely right with me either to be honest.
My children don't need or cost the extra money we get at the moment, but I can make sure I put some money aside to help with uni costs, especially my Daughter that wants to go into medicine. 
I am also able to have a help to save account (again I think it's crazy) but I have set one up for my Husband and myself. 

tazwhoever

lhead123 said:

annabanana82 said:

Can you pay it into your children's bank accounts without it affecting your benefits?

Into their ISA's yes, as it's locked away until they're 18. Not into regular savings accounts as we could take the money out at any point, so UC see it as our money, not theirs.

H1077 and H1078 
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/890315/admh1.pdf
Whose capital counts?
https://commonslibrary.parliament.uk/how-savings-can-affect-benefits/