If your savings or capital is less than £16,000 you may be entitled to housing benefit. We ignore the first £6,000 completely.
A tariff income is then calculated:
For claimants under 60 for each £250 (or part of £250) you have over £6,000, we will add £1 per week to the income figure we use in your calculation. If you are over 60 years old for each £500 (or part of £500) you have over £10,000, we will add £1 per week to the income figure we use in your calculation.
Capital includes the current value of:
- current and deposit bank accounts
- post office and building society accounts
- shares and unit trusts
- national savings certificates and premium bonds
- other properties or investments that you own or part own
- any cash holdings.
If you have £16,000 or more in capital and savings, you will not be entitled to any housing benefit. This does not apply if you are in receipt of Pension Credit.