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Gambling (spread betting)

Lostsoul13

Spread betting in uk is classes as gambling-

can you gamble within the 3000£ investment and stay within the saving asset cap

and spend your gambling winnings if they don’t take you over the 6000 saving cap.

3000 investment and 3000 gain/win

but your doing this every month would this be allowed?

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Comments

poppy123456

You could have asked the question on your other thread. What you do with your savings if it's under £6,000 is entirely your decision. £6,000 is the lower amount of savings and there's a deduction of £1/week for every £250 or part there of over that amount. Savings of more than £16,000 will end all means tested benefits.

Lostsoul13

Fado said:

I asked the same question myself, if the £6,000 limit is not exceeded, you can. They explained it to me in detail afterwards.

Who explained dwp or here? What did they say? Regards

apple85

I’m going to ask the question that I’m probably not allowed to (under unwritten social rules)

Why would anyone on the uk welfare system (or disabled person in general as we aren’t known to be swimming in cash) need to know the answer to that question?

I’ve got no problems against small change on lottery tickets but thousands in gambling in one go???

Many of the media and the public are angry at welfare claimants for getting something for nothing and potentially fibbing on disability status to live the ‘easy’ life and many are upset that the autumn budget appeared to have no cuts in welfare in comparison to the huge amount of the British public that were financially hit by that budget - questions like the above provides ammunition to these feelings…….something you don’t want to give the likes of liz Kendall justifying cruel decisions

I know many of us on the scope forum do our upmost to keep savings under £6k for sanity reasons (no one wants to give a reason for the dwp to monitor your bank account more closely) but surely there are better things to invest any welfare excess money (after covering living expenses) on??

(sorry if my post seems a bit aggressive but I can’t be the only person who this use of money doesn’t sit right well with - welfare or not)

Steve_in_The_City

People spend all sorts of money on all sorts of stuff: Lotto & Bingo (both a form of gambling), Tobacco, Alcohol, Drugs, (all three a form of unnecessary self-inflicted habit/addiction), Loose Women and Loose Men etc (both a form of paying for sex). It is their right. I am sure that if I looked at someone's spending I could find flaw, for example an expensive bottle of perfume that no-one actually needs, but it is none of my business. I don't think it is appropriate to judge others on what they spend their money on, no matter where that money comes from. I am sure people could look at my spending and stand in judgement on what I spend but frankly I couldn't care less. It is nobodies business. People will always think what they want to think and that can't be changed, so let them think it and stand in judgement, and don't lose a winks sleep about it.

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Delfinabegon

I think the key is that winnings count as savings, so as long as your total stays under £6,000, you're good to go.