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Life Time Isas
MyraJones
Posts: 1 Newbie
Would a life time isa be taken into the calculation when awarding housing benefit?
0
Comments
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Housing benefit technically doesn't exist, unless you are in one of the 2 groups below.MyraJones said:Would a life time isa be taken into the calculation when awarding housing benefit?Which Lifetime ISA are you saving towards?Your first home or retirement?
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365 Day 1p Challenge for 2021 #41 ✅
Jar £440.31/£667.95 and Bank £389.67/£667.950 -
The Department for Work and Pensions state that Lifetime Isa savings are included in the means test for Universal Credit (which includes the UC housing element).
https://secure.manchester.gov.uk/info/500180/housing_benefit/4265/how_savings_investments_and_property_affect_your_housing_benefit_and_council_tax_support
I believe a LISA would be included under the general heading of ISA's (but likely subject to a reduction in value due to the penalties in withdrawing LISA monies). I suggest you contact your LA for clarification re HB (not UC).Alice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.0 -
Am fairly confident same rules for a HB, value taken into account as savings but subject to a Reduction to reflect the penalty for early withdrawal.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.0
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