Benefits and Savings

[carina62]

How much can you have in savings which would not affect any benefits being received? My daughter is a single parent, works 3 days a week and also is in receipt of benefits ie child tax, housing benefit and tax credits. Thanks

[stevemLS]

Re: Benefits and Savings

£6000 and under will not affect income related benefits. They are then reduced by £1pw for every £250 savings up to £16,000. After £16,000 - no income related benefits.

[Kati]

Re: Benefits and Savings

http://turn2us.custhelp.com/app/answ...s-and-benefits

This depends on the benefit and how much savings you have. Savings count for some benefits, but not for others.
Non-means tested and contributory benefits: for these benefits it does not matter how much money you have in savings. Whether you qualify for them or not will depend on other factors - such as disability and age for Attendance Allowance
Means-tested benefits: the amount of savings you have does matter for these benefits and you may be disqualified from getting the benefit if you have savings over a certain amount. The rules vary depending on the benefit you are applying for and your age.

Tax Credits: You are not disqualified from getting Tax Credits (Working Tax Credit and Child Tax Credit) just because you have savings. The amount you have in savings is ignored completely when deciding how much you can claim in Tax Credits, but they will take into account the amount of taxable income you get from your savings, such as the interest you receive on savings in a bank account.

https://www.gov.uk/housing-benefit/overview

Council and social housing rent

How much you get depends on:

• your 'eligible' rent
• if you have a spare room
• your household income - including benefits, pensions and savings (over £6,000)
• your circumstances - eg age of people in the house, if someone has a disability

https://www.gov.uk/apply-council-tax-reduction

What you get depends on:

• where you live - each council runs its own scheme
• your circumstances (eg income, number of children, benefits, residency status)
• your household income - this includes savings, pensions and your partner’s income
• if your children live with you
• if other adults live with you

K x