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The amount of capital you have can affect your eligibility for means-tested benefits. The same limit applies for both single people and couples.
For Pension Credit, there is no upper limit of capital above which you cannot claim the benefit. Savings or capital up to £10,000, and any income generated by those savings, are ignored. You will be treated as having ‘assumed income’ of £1 for every £500 (or part of £500) of capital you have above £10,000.
The lower capital limit for Housing Benefit and Council Tax Reduction is £10,000. If you have savings or capital of up to £10,000 these, and any income you receive from these savings, are ignored. You will be treated as having assumed income on capital above £10,000 as set out above.
Unlike Pension Credit, Housing Benefit and Council Tax Reduction also have an upper capital limit, which is £16,000. If you have more than this capital limit you will not be entitled to any Housing Benefit or Council Tax Reduction, unless you qualify for Pension Credit Guarantee Credit.
Your capital is generally assessed at its present-day value. If there would be expenses involved in selling your capital, 10% of its value will be deducted. Any capital you own jointly with other people (besides your spouse, civil partner or partner) will normally be divided equally between the joint owners.
Most income is taken into account when working out your entitlement to Pensions Credit Guarantee Credit, including:
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