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Top Income Support & Jobseeker's Allowance topic #677

Subject: "Income Support and Savings" First topic | Last topic
nichola0304
                              

family law solicitor, Clough and Willis Solicitors Bury
Member since
23rd Sep 2004

Income Support and Savings
Thu 23-Sep-04 10:55 AM

Could anybody help and confirm that the savings allowed before income support is withdrawn is still £3,000 and will that also include any money which the children have in their names ?? Whether that is it trust until they are 18 or not ??

  

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judithH
                              

Appeals Officer, Jobcentre Plus Norwich
Member since
02nd Feb 2004

RE: Income Support and Savings
Wed 29-Sep-04 07:23 AM

Sorry, I can't resist this any longer!

Capital up to £3000 is ignored completely, but from £3001 an income from those savings is assumed at the rate of £1 a week for every £250 (or part of )up to £8000. eg savings of £5000 would attract a tariff income of £8 a week and savings of £5110 would have a tariff income of £9 a week, and so on.Once savings go over £8000 entiltlement to benefit ceases. For people in residential or nursing homes the levels are £10,000 and £16,000.Pension credit is a nightmare so I won't even go there!

Where there are children in the 'assessment unit'(family to you and me)their savings are ignored up to £3000 but they are excluded from the assessment once those savings go over £3k.Trust funds would be looked at to see if they could be ignored.Child tax credit has changed things but £3000 holds good for those cases where children are still included.

  

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Top Income Support & Jobseeker's Allowance topic #677First topic | Last topic