Hi, my name is alanvic! Failed to declare property for pension credit

alanvic
alanvic Community Member Posts: 3 Listener
edited May 17 in Benefits and income

I have been recieving gaurenteed pension credit but I failed to declare 50% ownership of spanish property, what is the likely outcome

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  • OverlyAnxious
    OverlyAnxious Community Member Posts: 6,004 Championing
    edited May 17

    Hi,

    There is no limit for capital on Pension Credit.

    There is a deduction of £1 per week for every £500 you have above £10,000.

    The value of your share of the property abroad is likely to count as capital.

    If that is the case, you will get reduced Pension Credit moving forward, and will have to pay back any over-payment. Without knowing the value of the property I cannot give a specific figure for those things.

  • alanvic
    alanvic Community Member Posts: 3 Listener

    .my half is about £22,500 but it's the fact I have only just realised i should have declared it is what's worrying.me

  • OverlyAnxious
    OverlyAnxious Community Member Posts: 6,004 Championing
    https://forum.scope.org.uk/discussion/comment/1125993#Comment_1125993

    Ok, that would reduce your payments by around £25 a week.

    To work out the overpayment, you just need to multiply £25 by the number of weeks you've been getting PC so far. If you've been getting it for 6 months, there would be around £650 to pay back.

    Unless it's been many years, there's unlikely to be any other consequence from not reporting it before. Just the overpayment to repay.

  • alanvic
    alanvic Community Member Posts: 3 Listener

    Would I still get housing benefit?

  • Rosie_Scope
    Rosie_Scope Posts: 8,481 Online Community Team

    It may affect your housing benefit as they will likely class it as capital @alanvic. It might be worth speaking to a benefits adviser for some more in depth advice. Turn2Us have a search tool to find local help if that's something you'd like to do: https://advicefinder.turn2us.org.uk/

  • OverlyAnxious
    OverlyAnxious Community Member Posts: 6,004 Championing
    https://forum.scope.org.uk/discussion/comment/1126022#Comment_1126022

    Guaranteed Pension Credit usually removes the capital limit for Housing Benefit.

    So generally you will still get Housing Benefit with GPC even with savings over £16k.

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