universal credit

chrislong

Is there a savings limit that will stop me claiming universal credit

devon_guy

Yes anything over 16k will prevent you being able to claim UC

poppy12345

devon_guy said:

Yes anything over 16k will prevent you being able to claim UC

Unless they are migrating from Tax credits with managed migration and then the capital is disregarded for 12 months. 

peteuk

chrislong said:

Is there a savings limit that will stop me claiming universal credit

Anything above £6K will lead to a £4.35 deduction for every £250 over the £6K.

Anything above £16K will stop the claim.  Unless as noted above your transferring over from TC where you will be given a years protection.  However if you drop down below £16K during the year you loose the TP. 

poppy12345

peteuk said:

chrislong said:

Is there a savings limit that will stop me claiming universal credit

Anything above £6K will lead to a £4.35 deduction for every £250 over the £6K.

You keep forgetting to include "or part thereof." When you say for every £250 some people will then think that means £6,250, £6,500 etc etc. That's not correct, it would be £6,001, £6,251, £6,501 etc etc.

peteuk

poppy12345 said:

peteuk said:

chrislong said:

Is there a savings limit that will stop me claiming universal credit

Anything above £6K will lead to a £4.35 deduction for every £250 over the £6K.

You keep forgetting to include "or part thereof." When you say for every £250 some people will then think that means £6,250, £6,500 etc etc. That's not correct, it would be £6,001, £6,251, £6,501 etc etc.

Damn, must try harder (as noted on my Maths school report in 1989….)sorry.  

Pollycat

As you said on another thread:

chrislong said:

I purchased a freehold shop and flat in 1979 and ran the shop and let the flat ............Now I have leased the shop(12 Years) and have a tenant in the flat.........Now in my mid 70's and retired to Essex and living in a small freehold house that I own I am concerned about  a capital gains tax liability if I sell shop and flat..........any advice will be greatly appreciated...........Thank you

do you meet the eligibility criteria for Universal Credit?

Grumpy_chap

Pollycat said:

As you said on another thread:

chrislong said:

I purchased a freehold shop and flat in 1979 and ran the shop and let the flat ............Now I have leased the shop(12 Years) and have a tenant in the flat.........Now in my mid 70's and retired to Essex and living in a small freehold house that I own I am concerned about  a capital gains tax liability if I sell shop and flat..........any advice will be greatly appreciated...........Thank you

do you meet the eligibility criteria for Universal Credit?

Especially considering the yet another thread this week, where the OP said:

chrislong said:

Am I correct in thinking that if my wife and I gift our daughter £300 thousand by bank transfer from our joint account and then at least one of us survives 7 years that the gift will be be free of any tax liability..........any thoughts appreciated

In fact, the OP has been in the fortunate position to be well outside the need for UC for some good while, given their comment a couple of years back:

chrislong said:

I am in the fortunate position to gift my son £100,000 to pay off his mortgage..........but I have read that the max annual figure I can gift is £3000 .........If I gift £100.000 would there be a tax liability for him or me, that is my first concern............The way I understand it is that if I gift over £3000 it automatically comes under PETs and that if I live for 7 years after the gift then it would be tax free ????......any help or advice would be greatly appreciated....Thank you

As the OP even acknowledges they are "in the fortunate position to gift..."

It is somewhat confusing why the OP is now putting effort into finding ways to satisfy eligibility for UC (or PC)...

chrislong

Some people are easily confused............enquiring for elderly friend who does not have a computer

LightFlare

In order to get accurate advice and answers, it is important to provide accurate information.
Confusion often results from a failure of the above

Grumpy_chap

chrislong said:

Some people are easily confused............enquiring for elderly friend who does not have a computer

How old is the elderly friend?
Does the elderly friend have a partner?
How old is the partner?

Some people have no opportunity to claim UC, but may be able to claim PC instead.

What level of savings does the elderly friend have?
What level of income does the elderly friend have?