Limited Capability to work UC

[Deleted User]

..........

Spoonie_Turtle

Deleted_User said:

How much can i keep saved in the bank till they stop my benefits? 

I’ve heard 16k floating around on this site but I’m not sure. I can’t seem to find an answer on the Gov site, a link would be welcome. Thanks.

£16,000 is the limit at which you are no longer eligible for UC.

Savings over £6,000 are taken into account; for every £250 (or part of £250) £4.35 will be deducted.  If your savings are over £6,000 you have to update them at the end of every assessment period if your savings go above or below a multiple of £250.

poppy12345

Deleted_User said:

 I can’t seem to find an answer on the Gov site, a link would be welcome. Thanks.

A quick google search will have told you. https://www.entitledto.co.uk/help/savings-and-other-capital-overview-universal-credit

[Deleted User]

poppy12345 said:

Deleted_User said:

 I can’t seem to find an answer on the Gov site, a link would be welcome. Thanks.

A quick google search will have told you.

So if i had, for example, have £8k in savings (£250 x8 = £2000 over the £6000 limit) would i have to pay £34.80 due to having to pay £4.35 8 times every single month or is it a one off deduction?

Muttleythefrog

Deleted_User said:

poppy12345 said:

Deleted_User said:

 I can’t seem to find an answer on the Gov site, a link would be welcome. Thanks.

A quick google search will have told you.

So if i had, for example, have £8k in savings (£250 x8 = £2000 over the £6000 limit) would i have to pay £34.80 due to having to pay £4.35 8 times every single month or is it a one off deduction?

Every month.... each month your Universal Credit payment will be deducted (reduced - you are not paying) depending on how much savings you report (in simple terms consider U/C as a benefit that is assessed and paid each month based on earnings, capital, circumstances).... if your capital (savings, investments etc) falls below £6k then there will be no deductions. And as advised if capital were to go above £16k entitlement to U/C ends.

Grumpy_chap

Deleted_User said:

How much can i keep saved in the bank till they stop my benefits? 

Remember that it is not just savings in the bank.  Cash under the bed, savings "in kind" (such as artwork), or assets such as any other property can all be counted as savings.

Spoonie_Turtle

Grumpy_chap said:

Deleted_User said:

How much can i keep saved in the bank till they stop my benefits? 

Remember that it is not just savings in the bank.  Cash under the bed, savings "in kind" (such as artwork), or assets such as any other property can all be counted as savings.

No, possessions aren't counted. 
Capital in property is counted if the person claiming doesn't live in it.
Any sorts of bonds, crypto, ISAs etc. are counted too.

Grumpy_chap

Spoonie_Turtle said:

Grumpy_chap said:

Deleted_User said:

How much can i keep saved in the bank till they stop my benefits? 

Remember that it is not just savings in the bank.  Cash under the bed, savings "in kind" (such as artwork), or assets such as any other property can all be counted as savings.

No, possessions aren't counted. 
Capital in property is counted if the person claiming doesn't live in it.
Any sorts of bonds, crypto, ISAs etc. are counted too.

Thank you

[Deleted User]

Spoonie_Turtle said:

Grumpy_chap said:

Deleted_User said:

How much can i keep saved in the bank till they stop my benefits? 

Remember that it is not just savings in the bank.  Cash under the bed, savings "in kind" (such as artwork), or assets such as any other property can all be counted as savings.

No, possessions aren't counted. 
Capital in property is counted if the person claiming doesn't live in it.
Any sorts of bonds, crypto, ISAs etc. are counted too.

Would buying gold count as savings?

MouldyOldDough

Deleted_User said:

Spoonie_Turtle said:

Grumpy_chap said:

Deleted_User said:

How much can i keep saved in the bank till they stop my benefits? 

Remember that it is not just savings in the bank.  Cash under the bed, savings "in kind" (such as artwork), or assets such as any other property can all be counted as savings.

No, possessions aren't counted. 
Capital in property is counted if the person claiming doesn't live in it.
Any sorts of bonds, crypto, ISAs etc. are counted too.

Would buying gold count as savings?

Yes it would

I suggest investing in a 2nd hand car - it can be proved necessary as a way of getting about and may appreciate if you buy a " classic"

Spoonie_Turtle

Deleted_User said:

Spoonie_Turtle said:

Grumpy_chap said:

Deleted_User said:

How much can i keep saved in the bank till they stop my benefits? 

Remember that it is not just savings in the bank.  Cash under the bed, savings "in kind" (such as artwork), or assets such as any other property can all be counted as savings.

No, possessions aren't counted. 
Capital in property is counted if the person claiming doesn't live in it.
Any sorts of bonds, crypto, ISAs etc. are counted too.

Would buying gold count as savings?

No, but if it's to get below a savings threshold for claiming a benefit it will be classed as deprivation of capital and you will be treated like you still have the savings.

If you buy gold with your income before it becomes savings then it's technically fine.  Unspent income becomes capital in the assessment period after receiving it. 

What you do with your income is irrelevant, but you cannot needlessly reduce your savings once you have them, without being treated like you still have them.

MouldyOldDough said:

Deleted_User said:

Spoonie_Turtle said:

Grumpy_chap said:

Deleted_User said:

How much can i keep saved in the bank till they stop my benefits? 

Remember that it is not just savings in the bank.  Cash under the bed, savings "in kind" (such as artwork), or assets such as any other property can all be counted as savings.

No, possessions aren't counted. 
Capital in property is counted if the person claiming doesn't live in it.
Any sorts of bonds, crypto, ISAs etc. are counted too.

Would buying gold count as savings?

Yes it would

I suggest investing in a 2nd hand car - it can be proved necessary as a way of getting about and may appreciate if you buy a " classic"

No, see my response above.

Buying a classic car would also be deprivation of capital if it's more expensive than an ordinary secondhand car that would meet their needs.

There is no way around it except paying off debt, which includes a mortgage, or simply not allowing savings to accumulate in the first place.