What does the DWP regard as savings or income?

Richard60

Hi Everyone,

My question is about the ESA3 (IBR) form and the recent posts relating to it.

What does the DWP regard as savings / income? Is an inheritance from a family will classed as savings / income?

Many Thanks

steve51

@Richard60

Good Afternoon & Welcome It’s great to meet today.

Here’s some info below for you:

https://forums.moneysavingexpert.com/showthread.php?t=5936449

Please please let me know if you can’t find what you need within the info???

@steve51

Antonia_Alumni

Hi @Richard60 , welcome to the community. In regards to your question, please find the information below and find out more on our  Savings and means-tested benefits page.

How savings affect means-tested benefits

Savings include:

• cash
• money in any bank or building society account
• National Savings and Investments NS&I accounts such as Premium Bonds or Income Bonds
• stocks, bonds and ISAs    
• property that is not your main home    

Savings do not include:

• work or private pensions (if not cashed in)
• jewellery, antiques or family heirlooms    
• your car or business
• life insurance
• compensation payments held for less than 1 year your home

Please let us know if you have any questions.

poppy123456

Hi,

Yes, any inheritance is classed as savings and needs to be reported as a change of circumstances if it's over the amount allowed. £6,000 and your means tested benefits are affected £1 for every £250 over that amount. £16,000 and all your means tested benefits stop.

Richard60

What if you are over the £16,000 limit for say six months out of a seven year period. Surely there would be some consideration for the remaining 6.5 years. I'm trying to complete ESA3 and find their definition of going over the 16k limit unclear.

poppy123456

They look at all of your circumstances between the dates in the letter. Savings of £6,000 and over affect it also. Bank statements will prove what you had at the time.