Total savings allowed?

Discussion in 'UK Tax Credits and Benefits' started by nobody@wheelacc.co.uk, May 16, 2007.

  1. Guest

    How much are a married couple over 60 allowed to have in their bank
    account before it affects their income support/community charge etc?
    nosher
     
    , May 16, 2007
    #1
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  2. Marvin Guest

    On 16 May, 01:18, wrote:
    > How much are a married couple over 60 allowed to have in their bank
    > account before it affects their income support/community charge etc?
    > nosher


    For Housing Benefit, Council Tax, Income Support, Pension Credit joint
    savings begin to affect benefits at £6,000.
    For every £500 chunk above £6,000 there is an assumed income from the
    savings of £1.
    The assumed income leads to reduced benefit.

    e.g.
    if savings are £6,001 to £6,500 the assumed income is £1
    if savings are £6,501 to £7,000 the assumed income is £2
    if savings are £7,001 to £7,500 the assumed income is £3
    if savings are £7,501 to £5,000 the assumed income is £4

    This continues up to £16,000 joint savings. Above £16,000 entitlement
    to some benefits ceases altogether - EXCEPT for Pension Credit cases.
    Pension Credit does not have an upper limit - but the assumed income
    keeps climbing by £1 per £500 until entitlement ceases due to excess
    income.

    ALSO - Housing Benefit and Council Tax Benefit entitlement is not
    affected by savings over £16,000 SO LONG AS the couple qualify for
    Guarantee Credit (one of the components of Pension Credit). If they
    don't qualify for Guarantee Credit them HB & CTB cease.
     
    Marvin, May 16, 2007
    #2
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  3. Guest

    On 16 May 2007 04:37:33 -0700, Marvin <>
    wrote:

    >On 16 May, 01:18, wrote:
    >> How much are a married couple over 60 allowed to have in their bank
    >> account before it affects their income support/community charge etc?
    >> nosher

    >
    >For Housing Benefit, Council Tax, Income Support, Pension Credit joint
    >savings begin to affect benefits at £6,000.
    >For every £500 chunk above £6,000 there is an assumed income from the
    >savings of £1.
    >The assumed income leads to reduced benefit.
    >
    >e.g.
    >if savings are £6,001 to £6,500 the assumed income is £1
    >if savings are £6,501 to £7,000 the assumed income is £2
    >if savings are £7,001 to £7,500 the assumed income is £3
    >if savings are £7,501 to £5,000 the assumed income is £4
    >
    >This continues up to £16,000 joint savings. Above £16,000 entitlement
    >to some benefits ceases altogether - EXCEPT for Pension Credit cases.
    >Pension Credit does not have an upper limit - but the assumed income
    >keeps climbing by £1 per £500 until entitlement ceases due to excess
    >income.
    >
    >ALSO - Housing Benefit and Council Tax Benefit entitlement is not
    >affected by savings over £16,000 SO LONG AS the couple qualify for
    >Guarantee Credit (one of the components of Pension Credit). If they
    >don't qualify for Guarantee Credit them HB & CTB cease.


    Thank you very much for taking the time to post a very helpful post.
     
    , May 17, 2007
    #3
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