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Benefits Savings Threshold, inheriting money, .. Anyone have any knowledge?

(5 Posts)
LeadingToGadeBank Mon 03-Mar-14 16:49:52

I'm a lone parent of infant schoolers. I'm currently claiming all benefits Income Supoort, Council Tax, Dhild Tax Credit,Housing Benefit.

Once I declare this inheritance, I know I will lose bemefits. But which ones? As there is a Savings Threshold. I just need someone to tell me which bemefits I will still receive and which will be stopped altogether, dependant on those inheritance savings.

As I'm currently jobhunting, I'm particularly confused by Working Tax Credit and whether that's affected by savings, and if I will be eligible for the government childcare voucher scheme or not with those savings.

I've been on all the government websites - all of them - rang the benefits agencies, asked my lone paremt advisor, but there's no consistency with advice. I can't seem to get through to welfare rights advisers in my area, although I'll ring every day.

The inheritance is a great cushion for my transition from lone paremt on benefits to going back to work, I know, but having lived the last 6.5 years in financial debt, eviction, and worse, suddenyl inheriting this money hasn't been like winning the lottery, it's causing me stress and confusion. I haven't even smiled about it yet.

Is there anyone who knows about the savings threshold for benefits claimants and can advise me on how is affects benefits, particularly childcare vouchers and working tax credit? I'm assuming I'll lose all housing benefit and income support and council tax benefit. I'm probably going to be working part time to fit around school hours initially.


Oodhousekeeping Mon 03-Mar-14 19:09:20

Tax credits are interested in interest on savings rather than the savings themselves.

Universal credit will have a max of £6k savings.

No idea on the rest.

dancemom Mon 03-Mar-14 19:11:31

For Housing Benefit and Income Support anything over £16000 will mean you don't qualify. For capital between £6000 and &16000 there is a tariff income and under £6000 won't have any effect.

CajaDeLaMemoria Mon 03-Mar-14 19:14:09

How much have you inherited?

LeadingToGadeBank Mon 03-Mar-14 21:26:36

Can I PM that amount CajaDeLaMemoria?

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