Are Premium Bond Winnings Classed As Earnings/Income on Universal Credit?

Grumpy_chap

peteuk said:

shortman_J said:

Hiya. So once I have over £250 in government bonds I have to tell universal credit? Is it classed as income or assets? 

In this context, as the OP has over £6000 capital, they need to re-report every time they enter the next £250 bracket.

eg declares £6255 but then wins £100 on bonds.  His capital is £6355 but doesnt need to report this as the deduction is the same.    Two months later another £100, capital now £6455, same applies.   Two months later another £100 now the capital is over £6500 it needs declaiming as the reduction is increased by another £4.35.

The individual has to remember the capital value of the premium bond holding has to be declared, not just the value of any winnings.
An individual winning £100 every other month (as in the example) would have a significant holding based on average luck, or a far higher than average level of luck of total capital less than £6k

peteuk

Grumpy_chap said:

peteuk said:

shortman_J said:

Hiya. So once I have over £250 in government bonds I have to tell universal credit? Is it classed as income or assets? 

In this context, as the OP has over £6000 capital, they need to re-report every time they enter the next £250 bracket.

eg declares £6255 but then wins £100 on bonds.  His capital is £6355 but doesnt need to report this as the deduction is the same.    Two months later another £100, capital now £6455, same applies.   Two months later another £100 now the capital is over £6500 it needs declaiming as the reduction is increased by another £4.35.

The individual has to remember the capital value of the premium bond holding has to be declared, not just the value of any winnings.
An individual winning £100 every other month (as in the example) would have a significant holding based on average luck, or a far higher than average level of luck of total capital less than £6k

I was over egging it somewhat so that the poster who questioned the £250 limit was corrected.