How savings / investments / capital affect your benefits

When you claim benefit, you must tell us about any capital you have.  This includes:

  • any savings or money in the bank, building society, post office or elsewhere, for example in your current account
  • any shares, bonds, savings certificates or other investments including Premium Bonds
  • property, such as a house you own but don't live in.

Your Housing Benefit and Council Tax Support will probably be affected if you have any of these.

How we work out if you are eligible for benefits

If you have a partner, we add together your capital and your partner's capital when we work out your benefit.

How much capital you can have before it affects your benefit depends on whether you are under or over pension, or for couples, whether one of you is over pension age.

  • If you and your partner have capital of over £16,000, you cannot get Housing Benefit or Council Tax Support unless you or your partner receive the guaranteed part of Pension Credit.
  • Capital of £6,000 or less does not affect your benefit at all if you are of working age. However, we will still ask for evidence. 
  • Capital of £10,000 or less does not affect your benefit at all if you are of pension age. However, we will still ask for evidence. 
  • If you and your partner have capital between £6,000 and £16,000 you may be entitled to benefit but we assume that you receive a set amount of income from the capital. This depends on how much capital you have and is worked out differently if you or your partner are over 60. 
  • If you do get Pension Credit and have capital of £16,000 or less, the Pension Service will tell us how much capital you have - you do not need to tell us yourself. But you do need to tell us if your capital goes over £16,000 and you only get the savings part of Pension Credit and not the guaranteed part.

Benefits calculator

Use the Benefits Calculator to check your benefit entitlement.

Page owner: Penny Anderson. Last updated: 02/06/2015 10:06