Informing DWP of competition prize wins?

shanew4874

Hypothetically if you are in receipt of a means tested benefit do you have to inform the DWP if you win a high value car or a high end watch like a Rolex for example in a competition? Obviously if you were to sell on the car or watch then you would have to inform them as you would then have 10-20k extra money but if you just kept the watch and never sold it on then you haven’t monetised it so in that case you wouldn’t have to declare the fact that you have the watch in your possession?

any feedback on the above would be most appreciated. 

Thank you.

NedS

Personal possessions such as a watch or your car are not considered as forming part of your capital so you would not have to declare them to UC, regardless of how they came into your possession. The only exception I can think to that is if you have accepted them in lieu of payment for work undertaken, and then the value of the work would need to be considered as notional income.

shanew4874

Just wondering what would be the case as don’t want to enter competitions then in the (admittedly unlikely) event that I won a high value item such as a car or a watch to not be able to accept it as in theory it could be deemed that the value of that item takes me over say £16000 in savings, I’m guessing though if I just kept the car or kept the watch then no value has been realised has it, can’t seem to find anything online that relates to this situation occurring so perhaps it’s something that has yet to materialise hence why there isn’t really an answer at this point in time, obviously if you won money then it would have to be declared but a car that you drive or a watch that you like so you keep is a different thing I think.

shanew4874

NedS said:

Personal possessions such as a watch or your car are not considered as forming part of your capital so you would not have to declare them to UC, regardless of how they came into your possession. The only exception I can think to that is if you have accepted them in lieu of payment for work undertaken, and then the value of the work would need to be considered as notional income.

Thank you for confirming, so winning a watch or a car is fine and wouldn’t need to be declared. All I need to do now is win one of them! 🤞