Universal Credit & Income

Newcad

Grumpelstiltskin said:

Because it is an asset, asset doesn't mean money in the bank, it means anything you own that has a value.
You could have 2 Picasso paintings on you wall, the same would apply there.

Actually paintings, jewlery, etc. that you already own aren't counted as capital for benefit purposes, they are classed as personal posessions.

But before someone asks -
You can't just go out and buy personal posessions to reduce your savings and then claim IR benefits, that would be 'Deprivation of capital with a view to claiming or increasing benefits'.

But any personal possions that you already own (or are gifted) are not counted as capital for benefits purposes.