Physical savings

Kim_13

I would say that physical items of value that are not legal tender are assets rather than physical or non-tracked savings. Other less valuable items are personal effects.

Ash_Pole

[Deleted User] said:

Bigwheels exactly that. I assume you got your set of big wheels by this method? I am defi itely referring to keeping under the 6k limit.
I want to own my house and cheap car and thats about it. 

What is the "6k limit" about? It's been mentioned a couple of times, sorry if it's obvious

Grumpy_chap

[Deleted User] said:

electricals?

Mark_d said:

I also have electrical items of value, like my Playstation.

Electrical items may have value, but are nearly always depreciating so must surely count as personal effects rather than savings or investments.

Ash_Pole said:

What is the "6k limit" about? It's been mentioned a couple of times, sorry if it's obvious

Anyone claiming means tested benefits starts to have their benefits payment reduced if they have savings above £6k.

Kim_13

Ash_Pole said:

[Deleted User] said:

Bigwheels exactly that. I assume you got your set of big wheels by this method? I am defi itely referring to keeping under the 6k limit.
I want to own my house and cheap car and thats about it. 

What is the "6k limit" about? It's been mentioned a couple of times, sorry if it's obvious

If you have more than £6k in assets that are not disregarded (e.g. your home, car, cost of living payments, transitional protection) there is a deduction from any means tested benefits. At £16k there is no entitlement at all.

masonic

Oh, so "non-tracked" savings is for the purposes of benefit fraud? I was a bit slow on the uptake with that one too.

Kim_13

masonic said:

Oh, so "non-tracked" savings is for the purposes of benefit fraud? I was a bit slow on the uptake with that one too.

I am sure that not everyone is doing it for that reason- if you have a stamp or other collection that turns out to be valuable later, you won't pay the tax on interest that you would have paid had you just kept the money, or any CGT/dividend tax, but you haven't defrauded the tax man if you are selling personal effects (maybe you've lost interest in whatever it is and want to collect something else instead) and are not operating as a business. 

Grumpy_chap

masonic said:

Oh, so "non-tracked" savings is for the purposes of benefit fraud? I was a bit slow on the uptake with that one too.

The issue does arise on the boards periodically.
Here is a recent thread:
https://forums.moneysavingexpert.com/discussion/comment/81234734

The rules are complex, here is the DM guidance:
https://assets.publishing.service.gov.uk/media/67d97838a87d546feeda0186/dmgch52.pdf

There is, in my opinion, a difference between a family heirloom watch and a gold bar or Kruggerand, neither of the latter have any purpose so far as I can ascertain other than that of investment, whereas the former falls more obviously into the category of personal possessions.

masonic

Kim_13 said:

masonic said:

Oh, so "non-tracked" savings is for the purposes of benefit fraud? I was a bit slow on the uptake with that one too.

I am sure that not everyone is doing it for that reason- if you have a stamp or other collection that turns out to be valuable later, you won't pay the tax on interest that you would have paid had you just kept the money, or any CGT/dividend tax, but you haven't defrauded the tax man if you are selling personal effects (maybe you've lost interest in whatever it is and want to collect something else instead) and are not operating as a business. 

True, but you when you start a thread seeking out information on "non-tracked" savings without really caring what they are... I suppose you could just be paranoid about big brother, until you also show an interest in "keeping under the £6k limit".

strawb_shortcake

We recently sold some old toys from the late 80's maybe?? 6 small figures was nearly £200 and similar for some old Transformer toys - not the main character ones either. 

Lego can be worth a fair bit, but it's knowing which ones are going to be worth something. One of my Sons old Star Wars ships we paid around £50-60 for, now going for over £150. Even some figures sell for in excess of £30

QrizB

masonic said:

Oh, so "non-tracked" savings is for the purposes of benefit fraud? I was a bit slow on the uptake with that one too.

This was also mentioned a couple of days ago but those posts were deleted from this thread, it seems.

From OPs other threads it seems they're not currently working, have £25k In the bank (from loans they don't now need) and want to claim UC.