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Capital (Savings)

Capital (Savings)

Housing Benefit and Council Tax Support are means tested help and your income and savings will affect how much help you receive. If you or your partner have savings of over £16,000, you will not be eligible for either Housing Benefit or Council Tax Support.

Capital (Savings) - Working Age

Housing Benefit Regulations and the Local Council Tax Support Scheme state how we must treat any capital or savings you have. This includes land and property other than your home as well as stocks, shares, bonds, bank and building society accounts. The first £6,000 of your capital is disregarded and not counted in the benefit calculation but for every part or full £250 above £6,000, we must add £1 to your weekly income when we calculate benefit.

Capital - Pensioners

Benefit Regulations and the Local Council Tax Support Scheme state how we must treat any capital or savings you have. This includes land and property other than your home as well as stocks, shares, bonds, bank and building society accounts etc.
    
The £16,000 capital limit will continue to apply in the calculation of Housing Benefit/Council Tax Support except when the claimant is entitled to the guarantee credit, in this case the whole of the income and capital will be disregarded.

If you are over 60, the first £10,000 of your capital is disregarded and not counted in the benefit calculation but for every part or full £500 above £10,000, we must add £1 to your weekly income when we calculate benefit

Proof of Capital

We need to see proof of all capital held by either:

  • Yourself
  • Your husband/wife/partner
  • Your non-dependants - this may be needed, but not in all cases
By capital we mean all your money - not just what you would call “savings”. Examples of capital that we must be told about include:

  • Bank and Building Society Accounts (including current/cheque accounts)
  • Post Office accounts
  • Premium Bonds
  • Stocks and Shares
  • Land or Property (but not the home you live in)
  • Cash
Acceptable forms of evidence or proof include:

  • Current bank or building society statements which show credits and debits and the outstanding balance over a period of two months
  • Building society or post office books which show credits and debits and the outstanding balance over a period of two months
Original documents showing proof of ownership for example, dividend statements detailing assets for:

  • Saving Certificates
  • Bonds
  • Unit Trusts
  • Stocks and Shares, etc.

We need to see the original documents, not photocopies. If you do not provide the documents we need, your benefit may be delayed. If you cannot provide proof for any reason, you should contact the Benefits Team immediately who will advise you what to do. The Benefit Team can be contacted at Benefits@west-lindsey.gcsx.gov.uk 

Benefits

West Lindsey District Council
Guildhall, Marshall’s Yard
Gainsborough
Lincolnshire
DN21 2NA

Email: benefits@west-lindsey.gcsx.gov.uk

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