means testing /deprivation of assets

Wibbles

I do not claim any means tested benefits

But was wondering what was counted as assets for future interest

A car - presumably would be allowed? Any maximum value?

We already own a house (outright /no mortgage)

Are there any stated rules??

Adrian_Scope

Hello @Wibbles, great question.

For Universal Credit it states that "capital is not defned in the regulations but what is meant by capital can be found in general law. The items listed below cover the kinds of things that would normally be regarded as a person’s capital but is not a definitive list"

And lists:

• Savings
• Lump sum payments
• Real property (that you do not reside in) or in Scotland heritable property, that is land and anything that has its foundations in the land such as a house

It also adds that "a person’s personal possessions are not to be treated as capital."

There's some information here about what Pension Credit use to calculate capital too.

It's my understanding that Deprivation of Capital is slightly different, because while a car is ignored as capital, if you spend savings to purchase a car, say you bought a brand new Bentley outright with your savings, they may deem this is unreasonable and decide you have deprived yourself of capital. There is a document on the Gov website which explains more about Deprivation of Capital which you might find useful.

Wibbles

https://forum.scope.org.uk/discussion/comment/907479#Comment_907479

Thanks

Not a Bentley - but to buy a decent car nowadays costs upwards of £30k - especially an EV - Which the government would prefer me to buy rather than an ICE ?