Earning money on stock market and Universal Credit

lukasz158

Hi everyone,
I have a question because I cannot find an answer here or on any of the government websites.
I am getting universal credit since March every month as I am self-employed. Every month I report my income (still quite low after corona) and expenses, then depending on these amounts, I am getting UC. But I have also some savings from my family which I invested in the stock market (I have it on Revolut so it's abut 7000 USD - more or less 5000 GBP) and from time to time depending on the situation I am withdrawing small amounts from the investment account (100 - 200 GBP). Should I report this money somehow? If yes will it be counted as my earning (and then counted against my UC)? 

Thank you!!!

NedS

You are permitted to have total savings of up to £6000 which will not affect your Universal Credit (savings between £6000 and £16000 will reduce the amount you receive). So as long as your total savings (Revolut balance plus bank account balance plus any other savings accounts, ISAs, investments etc) are less than £6000 you do not need to declare it. If your total savings exceeds £6000 you will need to declare this on your journal. If you have savings of above £16000 you are not eligible to claim UC and your claim should be closed.

Just to clarify, you are not "earning money on the stock market", you have capital (savings/investments) that is hopefully increasing in value. If you "make" £1000 next month, that is not income, but is treated as an increase (capital gain) in capital/savings.

calcotti

You do not need to declare money withdrawn from savings - it is not income.