income support and childrens bank accounts

[mike browne]

Hi all,

 

I have noticed that in the last review form it asks whether your dependents/children have savings over x amount. ( I think the amount is £2500)

 

Anyway, I was wondering if there is a threshold that children are allowed to have before you are penalized? I can't find anything online so I am hoping that someone here knows the answer.

 

TIA

[Nystagmite]

Do you receive income support for your child or child tax credits?

[mike browne]

Income support for myself and child tax credits.

[mekongmarcus]

I have the same question,i am receiving ESA (income based)

[dpick]

What would happen if the accounts were set up in trust and no access until 18/25 etc as is the case with my sisters children if my sister should die.

 

dpick

[Nystagmite]

I have a feeling trusts are ignored. In the same way that if you receive compensation and place it in a trust, it's ignored for IS, ESA, JSA, etc.

[jadeybags]

£3000 rings a bell. May have changed though.

[antone]

I have a feeling trusts are ignored. In the same way that if you receive compensation and place it in a trust, it's ignored for IS, ESA, JSA, etc.

 

This is generally correct. It all comes down to "beneficial ownership" of the capital. If you can't access the money to spend on your immediate living expenses, it won't be taken into account when entitlement to means tested benefits is worked out.