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Any savings below 6,000 does it count towards uc

bigaxedwarf
Community member Posts: 65 Listener
Hi guys what the savings limit any savings below 6,000 does it count towards uc does my friend still have to tell them
Comments
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Savings/capital of less than £6,000 is ignored and you do not need to tell then you have this money. For every £250 or part there of over this amount there's a £4.35 per week deduction in UC.For council tax reduction all local Authories have their own rules and some have a maximum savings limit of £6,000 before council tax reduction ends.I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.If i see a question that i know the answer to i will try my best to help.
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There are two savings/capital thresholds.
Anything over £16,000 means someone (or a couple) are not eligible to claim.
Anything over £6,000 reduces the UC payable reduces the UC payable by £4.35/month for every £250, or part thereof, over £6,000.Anything up to £6,000 is ignored.
You are asked about capital when you apply.
If you below £6,000 you not need to report changes that result in a total amount that does not exceed £6,000.
It is the amount on the last day of your UC assessment period that matters.Information I post is for England unless otherwise stated. Rules may be different in other parts of UK. -
Thank you so if it’s below 6,000 she doesn’t need to tell dwp? She has told them about other savings though
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bigaxedwarf said:Thank you so if it’s below 6,000 she doesn’t need to tell dwp? She has told them about other savings though
No, not if all of her savings are below £6,000.
I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.If i see a question that i know the answer to i will try my best to help. -
Thank you all so much for your help
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