How we consider your capital and income
Government regulations state how we must take into account any capital, savings, or income you have.
- land and property (other than your home)
- bank and building society accounts
We do not look at the first £6,000 of your capital when calculating your benefit.
For every £250 (or part thereof) above £6,000, we must add £1.00 to your weekly income when we calculate your benefit if you are under 60.
This is called 'tariff income'.
If you are aged over 60, we will not take account of the first £10,000 of your capital.
We will only start to take account of each £500 (and add £1.00 to your weekly income) when you have over £10,000.
We must see proof of all capital held by either:
- your husband/wife/partner
In respect of your non-dependants, we need to see proof of any interest they have received.
Acceptable forms of evidence or proof include:
- current bank or building society statements that show credits and debits and the outstanding balance over a period of two months
- building society or post office books that show credits and debits and the outstanding balance over a period of two months
- letter from a bank or building society that shows the:
- type of account held
- account number
- balance outstanding
The letter must say whether the details reflect the account for the last two months and provide any information on regular monies deposited into the account.
- original documents showing proof of ownership of:
- saving certificates
- unit trusts
- stocks and shares etc.
A slip from a cashpoint showing the outstanding balance of an account is unacceptable.
If you cannot provide proof for any reason, you should contact the office immediately. The staff will advise you what to do, or arrange a visit if necessary.
Remember we need to see the original documents, not photocopies. If you do not provide the documents we need, your application may be delayed.