What does the DWP regard as savings or income?
Richard60
Community member Posts: 4 Listener
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
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
Comments
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@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
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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
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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.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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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.
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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.
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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