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Assumed income from savings

Assumed Income From Savings (Tariff Income)

PLEASE NOTE THAT THE CALCULATOR USES THE GOVERNMENT'S FORMULA FOR CALCULATING INCOME FROM CAPITAL.

To work out your benefits we need to know how much money you have in savings. Please enter the amount of savings you have, not the amount of income or interest you receive. This is because 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).

The amount we calculate and display as 'assumed income from savings' is not meant to represent the amount of income you actually receive. Instead it shows what the government assumes when calculating benefits for people with savings over the lower limit.

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. Please note that Pension Credit age is going up - for more information see changes to state pension age.

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. 

Since setting Council Tax Support schemes was placed into the hands of local authorities, some authorities in England have decided to change the thresholds over which your capital is taken into account. Some are now taking into account capital below £6,000 for working age claimants. If this is the case we may ask you to enter your savings at a lower level.

 

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