Does the amount of savings and capital I have affect my Benefit claim?
It depends on the amount of savings/capital you and your partner have.
If you and your partner have capital of more than £16,000 you will not normally be able to get Housing and/or Council Tax Benefit. (However, you will be able to claim if you get Pension Guarantee Credit).
- You and your partner can jointly have up to £6,000 in savings/capital before it affects your Benefit entitlement.
- If you or your partner are aged 60 or over income of £1 a week for every £500 savings/capital between £6,000 and £16,000 is taken into account when we work out your entitlement to Benefit.
- If you and your partner are aged less than 60 income of £1 per week for every £250 savings/capital between £6.000 and £16,000 is taken into account when we work out your entitlement to Benefit.
- Savings/capital includes cash, money in current accounts, other bank / building society / post office accounts, unit trusts, ISAs, TESSAs, National Savings certificates, shares, premium bonds and property or land you own (but not the home you live in).
We will need to see proof of all your (and your partner's) savings and capital.
If you/your partner have received any form of compensation payment please tell us as this may be ignored for the purpose of working out your Housing/Council Tax Benefit.
Click this link for a trial calculation to see how much you could get.
You can get more information from the following links:
Contact the Benefit Service at Wolverhampton Council
DWP website for details about Housing and Council Tax Benefit
DWP website for details about other benefits
Pension Service website for details about Pension Credit
|