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Savings Credit/Capital limits/ recent changes
Has there been an alterastion to the amount of capital that a claimant can have in effect as regards Savings Credit?
I ask as a client has referred to a letter ( unseen by me which would seem to infer this )
Her circumstances are unaltered but she is sayong letter says SC begins to be affected when she has £12,000 in savings pre £16,000 following a recent budget change
I am not aware of any changes to no upper limit for capital and the first £10k disregarded. The only cuts to PSC has been the max paid. The only link to £16k is housing benefit and CTR., which PSC gives no protection from.
[ Edited: 28 Oct 2015 at 09:08 pm by FIT Advisor ]The threshold figure for Savings Pension Credit has also changed. Cuts in the last 3 years to threshold and maximum figures to put extra into Guarantee Pension Credit.
A capital cut-off is coming but not announced yet.