Savings and capital
You must tell us about all the money held by you and your partner if you have one. Examples of capital that you must tell us about include:
- Bank and Building Society accounts including current accounts
- E-bank accounts
- Post Office/National Savings accounts
- Premium Bonds
- Income Bonds
- National Savings Certificates
- Stocks and shares
- PEPs, TESSAs and ISAs
- Unit Trusts
- Savings schemes
- Money held in a Trust
- Land or Property even if you do not own it outright (but not the home you live in)
- Cash
What happens if I have savings or capital?
Government rules say that if you (and your partner if you are a couple) have savings or capital of more than £16,000, you cannot get Housing or Council Tax Benefit unless you are in receipt of the Guarantee Element of Pension Credit.
If you and your partner (if applicable) are of working age and you have £6,000 or less, it will not affect your claim.
If you have between £6,000 and £16,000, it affects how much Housing and/or Council Tax Benefit you will get.
For every £250 (or part of £250) you have over £6,000, we add £1.00 per week to the money we take into account as income when working out your benefit.
If you or your partner (if applicable) are of pension age and you have £10,000 or less, it will not affect your claim.
For every £500 (or part £500) you have over £10,000 we add £1.00 per week to the money we take into account as income when working out your benefit.
For example if you are of working age:
£7,000 capital would require us to add £4 to your weekly income
£7,250 would require us to add £5
£7,251 would require us to add £6
If you are of penasion age:
£11,000 capital would require us to add £2 to your weekly income
£11,250 capital would require us to add £3 to your weekly income
£11,510 capital would require us to add £4 to your weekly income
This calculation is not based on actual interest paid on savings
If your savings or that of your partner exceed £16,000 or more you will not be entitled to Housing Benefit or Council Tax Benefit, unless this includes one or more of the special payments made to people who were imprisoned by the Japanese during World War 2 or worked as slaves and forced labourers under the Nazi regime during World War 2 or you are in receipt of Pension Credit Guarantee.
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