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  • FIRST POST
    • sanova76
    • By sanova76 9th Apr 18, 2:44 PM
    • 89Posts
    • 8Thanks
    sanova76
    benefit calculator -savings
    • #1
    • 9th Apr 18, 2:44 PM
    benefit calculator -savings 9th Apr 18 at 2:44 PM
    Hi,

    I just want to clarify. When using the benefit calculator, it always ask about income from savings. I assumed it's the saving's interest not the savings itself? I have ISA.


    Thanks.

    San
Page 1
    • Tommo1980
    • By Tommo1980 9th Apr 18, 2:45 PM
    • 363 Posts
    • 575 Thanks
    Tommo1980
    • #2
    • 9th Apr 18, 2:45 PM
    • #2
    • 9th Apr 18, 2:45 PM
    Yes that is correct. Your savings are capital.
    • poppy12345
    • By poppy12345 9th Apr 18, 2:47 PM
    • 2,425 Posts
    • 2,381 Thanks
    poppy12345
    • #3
    • 9th Apr 18, 2:47 PM
    • #3
    • 9th Apr 18, 2:47 PM
    Hi,

    I just want to clarify. When using the benefit calculator, it always ask about income from savings. I assumed it's the saving's interest not the savings itself? I have ISA.


    Thanks.

    San
    Originally posted by sanova76
    Savings/capital over 6000 will affect any Income related (means tested) benefits you receive. Savings won't affect tax credits. The only thing that affects tax credits is the interest from the savings, any over 300 i believe.
    • sanova76
    • By sanova76 9th Apr 18, 2:55 PM
    • 89 Posts
    • 8 Thanks
    sanova76
    • #4
    • 9th Apr 18, 2:55 PM
    • #4
    • 9th Apr 18, 2:55 PM
    Thank you for the replies.
    • Danday
    • By Danday 9th Apr 18, 3:35 PM
    • 346 Posts
    • 59 Thanks
    Danday
    • #5
    • 9th Apr 18, 3:35 PM
    • #5
    • 9th Apr 18, 3:35 PM
    For those lucky enough to be over pensionable age, the threshold before it starts to affect a means tested benefit is increased from 6000 to 10,000.
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