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When does income become savings?

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I'm not that far from the lower limit of savings of £6k. I currently receive MRC / LRM DLA, HB, council tax support and ESA. (support group plus SDP)

 

My question is, when does my money from benefits start to count as savings please?

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The only logical way I can see the answer being is

 

Period the money arrives is the period it is classed as income

Following period, any money not spent from the previous period becomes savings.

 

 

But as to how they officially recognize it, Not a clue, Watching with interest.


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The SabreSheep, All information is offered on good faith and based on mine and others experiences. I am not a qualified legal professional and you should always seek legal advice if you are unsure of your position.

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Anything that you have not spent before the next cheque (or BACS payment) hits your account would be savings.


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generally benefit income is paid in respect of a period

 

for the period it is paid in respect of it is income, after that period it becomes capital


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The only logical way I can see the answer being is

 

Period the money arrives is the period it is classed as income

Following period, any money not spent from the previous period becomes savings.

 

 

But as to how they officially recognize it, Not a clue, Watching with interest.

Exactly right & v well explained x


Please do not ask me for advice via PM as I will not reply.

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