Savings and capital
We take the following into consideration when calculating your benefit:
- Income from savings or capital above £6,000
- If you are not old enough to claim state retirement pension, income from capital between £6,000 and £16,000 will be taken at the rate of £1.00 per week income for each £250 (or part of) above £6,000.
- If you are entitled to receive state retirement pension, income from capital between £10,000 and £16,000 will be taken at the rate of £1.00 per week income for each £500 (or part of) above £6,000.
- Capital can include money at home, in banks and building societies, premium bonds, national savings certificates, stocks and shares, property you own or part own (apart from the home you live in) and any other investments.
- If you have savings or capital greater than £16,000, you will not be entitled to any Housing Benefit or Council Tax Reduction. The one exception is if you are in receipt of the guaranteed pension credit element.
Last reviewed: 21 - 06 - 2013