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UC Capital Question
HillStreetBlues
Posts: 6,625 Forumite
Is a UC payment counted as capital in the period it's paid?
EG period runs 1-31st payment (£1000) date the 7th. If a person had £6500 on the 31st, would they need to declare it, or is the UC payment discounted for that period so wouldn't need reporting?
EG period runs 1-31st payment (£1000) date the 7th. If a person had £6500 on the 31st, would they need to declare it, or is the UC payment discounted for that period so wouldn't need reporting?
Let's Be Careful Out There
0
Comments
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The UC is income for the month following payment. Any money left over at the end of the month becomes capital.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.3
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Just so I''m understanding it
The £6500 would be made up of £1000 income, and £5500 capital.
The next month the £1000 would become capital and any new UC payment would be income
Let's Be Careful Out There0 -
Yes if nothing has been spent - but the £1000 will presumably have been largely spent so there will not be little, if anything, left over to become capital.Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.1
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