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Life Time Isas

MyraJones
MyraJones Posts: 1 Newbie
in Benefits & tax credits
Would a life time isa be taken into the calculation when awarding housing benefit?

Comments

  • tboo
    tboo Posts: 1,379 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 15 March 2021 at 7:30PM
    MyraJones said:
    Would a life time isa be taken into the calculation when awarding housing benefit?
    Housing benefit technically doesn't exist, unless you are in one of the 2 groups below.
    • you have reached State Pension age.
    • you’re in supported, sheltered or temporary housing.

    Which Lifetime ISA are you saving towards?
    Your first home or retirement?

    “You’re only here for a short visit.
    Don’t hurry, don't worry and be sure to smell the flowers along the way.”
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    365 Day 1p Challenge for 2021 #41 ✅
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  • Alice_Holt
    Alice_Holt Posts: 6,094 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    edited 15 March 2021 at 7:43PM
    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.
  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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.
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