Migrating to UC from Child Tax Credits and savings.

anotherquestion

Hi folks,

Am I correct in thinking if Migrating to UC from Child Tax Credits, full disclosure of saving accounts including ISA is asked for on the Online application for UC, even though savings may be disregarded for the first year under the transitional process?

Many thanks for your kind help.

poppy12345

anotherquestion said:

Hi folks,

Am I correct in thinking if Migrating to UC from Child Tax Credits, full disclosure of saving accounts including ISA is asked for on the Online application for UC, even though savings may be disregarded for the first year under the transitional process?

Many thanks for your kind help.

Yes, you are correct. Capital needs to be declared and if you have more than £6,000 you maybe asked for bank statements. 

If you have more than £16,000 in capital it will be disregarded for 12 months but there will be a deduction of £4.35/month for every £250 or part thereof over £6,000.