× Members

Benefits and gift of money from parent

More
1 year 2 months ago #283529 by maxie67
I have received a gift of money from my deceased dad's pension, specifically for clearing my debts. Do I still have to declare this as I'm on benefits. So need to know, which benefits will be stopped or reduced. When he was alive he would give him me money to pay at the bank or by bank transfer into my account.

Please Log in or Create an account to join the conversation.

More
1 year 1 month ago #283569 by Gary
Replied by Gary on topic Benefits and gift of money from parent
Hi maxie67

Welcome to the forum.

You might want to have a look at the following FAQ which explains where everything is; www.benefitsandwork.co.uk/guides-for-claimants/faq/forum

It depends on the amount of money you have been left.

Most means-tested benefits are only paid to people with less than £16,000 in savings (tax credits and the guarantee element of Pension Credit are not affected by this rule).

If you (and your partner) are under Pension Credit age and have total capital over £6,000 then the government assumes you receive £1 per week for every £250 of capital you have above £6,000. 

If you are over Pension Credit age the government assumes you receive £1 per week for every £500 of capital you have above £10,000.

Gary

Nothing on this board constitutes legal advice - always consult a professional about specific problems

Please Log in or Create an account to join the conversation.

Moderators: GordonGaryBISCatherineWendyKellygreekqueenpeterKatherineSuper UserChrisDavid