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savings in my account
10 years 2 months ago #131179 by maggieomx
savings in my account was created by maggieomx
i had an accident and expect to get around £4000 - £5000 compensation, can someone tell me if I need to declare this money to DWP ?
and am i allowed to have any savings in my account and if yes how much ??
and am i allowed to have any savings in my account and if yes how much ??
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10 years 2 months ago #131197 by Gordon
If you are receiving only Contribution Based ESA then your savings have no effect on your ESA and you do not need to report this payment.
If you are receiving Income Related ESA in whole or in part then the first cut-off point for savings is £6000, even if you do not exceed the £6000, given the size of the amount I would report it to the DWP as the banks report large deposits.
If your savings and assets exceed £6000 after the payment then there will be a deduction from your ESA(IR), see the following for details.
Asset rule for ESA(IR)
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gordon on topic savings in my account
maggieomx wrote: i had an accident and expect to get around £4000 - £5000 compensation, can someone tell me if I need to declare this money to DWP ?
and am i allowed to have any savings in my account and if yes how much ??
If you are receiving only Contribution Based ESA then your savings have no effect on your ESA and you do not need to report this payment.
If you are receiving Income Related ESA in whole or in part then the first cut-off point for savings is £6000, even if you do not exceed the £6000, given the size of the amount I would report it to the DWP as the banks report large deposits.
If your savings and assets exceed £6000 after the payment then there will be a deduction from your ESA(IR), see the following for details.
Asset rule for ESA(IR)
Gordon
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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