Universal Credit and Lifetime ISA

funkygal

born_again said:

https://www.gov.uk/guidance/universal-credit-money-savings-and-investments

• Individual Savings Accounts (ISAs): cash, stocks and shares, Innovative Finance, Help to Buy, and Lifetime ISAs

Makes no mention of being able to enter anything other than full amount.
Unlike some other sections where there is a further link to fully explain any exemptions.

I found the information. It's under Advice for decision making: staff guide.

ADM Chapter H1:Capital document, under H1659.

https://assets.publishing.service.gov.uk/media/65d336b3e1bdec2be1322238/admh1.pdf


Lifetime individual savings account

H1659 The Lifetime individual savings account is available for people who are aged 18 to 40 when it is opened. It is similar in many ways to a normal individual savings account with the addition of a government bonus of 25% paid on the contributions made by the saver of up to a limit of £4000

annually. This Lifetime individual savings account should be treated as capital from the outset with a

value of

1. 75% of the surrender value where the person is under age 60 or

2. 100% of the surrender value where the person is over age 60

taken into account.

funkygal

huckster said:

Send a journal message with details of LISA you have declared within money, saving & investments and ask about how a 25% disregard is applied, as only 75% would be immediately available as capital. The Case Manager will then raise a Decision Maker referral.

Got a response.

 "Please report the full amount of capital / savings, go to: Home / Report a change / Money, savings and investments. When reporting, please note the disregard proposed, for the review by our Decision Maker. Thank you.

Regards,

Jon - Universal Credit "

Ok so do I enter the full amount again and then explain why it should be disregarded? When I started Reporting the Changes, it wants to know what I have in all my other accounts too but I've just been paid so will have more than originally stated. 

Spoonie_Turtle

funkygal said:

huckster said:

Send a journal message with details of LISA you have declared within money, saving & investments and ask about how a 25% disregard is applied, as only 75% would be immediately available as capital. The Case Manager will then raise a Decision Maker referral.

Got a response.

 "Please report the full amount of capital / savings, go to: Home / Report a change / Money, savings and investments. When reporting, please note the disregard proposed, for the review by our Decision Maker. Thank you.

Regards,

Jon - Universal Credit "

Ok so do I enter the full amount again and then explain why it should be disregarded? When I started Reporting the Changes, it wants to know what I have in all my other accounts too but I've just been paid so will have more than originally stated. 

I would advise doing it nearer the end of your AP because there is nowhere to separate out income and capital.  If you do it now and your balances decrease by the end of your AP, you'll have to do it again anyway.

funkygal

Spoonie_Turtle said:

funkygal said:

huckster said:

Send a journal message with details of LISA you have declared within money, saving & investments and ask about how a 25% disregard is applied, as only 75% would be immediately available as capital. The Case Manager will then raise a Decision Maker referral.

Got a response.

 "Please report the full amount of capital / savings, go to: Home / Report a change / Money, savings and investments. When reporting, please note the disregard proposed, for the review by our Decision Maker. Thank you.

Regards,

Jon - Universal Credit "

Ok so do I enter the full amount again and then explain why it should be disregarded? When I started Reporting the Changes, it wants to know what I have in all my other accounts too but I've just been paid so will have more than originally stated. 

I would advise doing it nearer the end of your AP because there is nowhere to separate out income and capital.  If you do it now and your balances decrease by the end of your AP, you'll have to do it again anyway.

If I don't respond before my first payment date, will this delay it?

Spoonie_Turtle

funkygal said:

Spoonie_Turtle said:

funkygal said:

huckster said:

Send a journal message with details of LISA you have declared within money, saving & investments and ask about how a 25% disregard is applied, as only 75% would be immediately available as capital. The Case Manager will then raise a Decision Maker referral.

Got a response.

 "Please report the full amount of capital / savings, go to: Home / Report a change / Money, savings and investments. When reporting, please note the disregard proposed, for the review by our Decision Maker. Thank you.

Regards,

Jon - Universal Credit "

Ok so do I enter the full amount again and then explain why it should be disregarded? When I started Reporting the Changes, it wants to know what I have in all my other accounts too but I've just been paid so will have more than originally stated. 

I would advise doing it nearer the end of your AP because there is nowhere to separate out income and capital.  If you do it now and your balances decrease by the end of your AP, you'll have to do it again anyway.

If I don't respond before my first payment date, will this delay it?

Probably not, unless it's been raised as a to-do in that section of your online account.  They would normally give you a deadline in that case though, as far as I understand.  More likely you'll just have the deduction taken based on the full amount.

Note: the last day of your assessment period is not your payment date.  You can check in your journal what date you submitted your claim, then it's one calendar month after that.  So if you submitted on the 10th October, for instance, the last day of your AP would be 9th November.  And it will keep those rolling dates throughout your claim.  The payment date is 5-7 days later, to give time to sort out any inaccuracies in the calculation of your payment.