Note: Voluntary deprivation of capital rules don't apply, as it was from a legal payment and not counted as savings.
Hi I've been asked to declare savings / assets and send banks statements. This is quite a normal thing. However I recently bought a boat for my father to live on. Although I paid the full general amount, I am a 50% joint owner, along with another family member, who has yet to pay me there half share and it is in the form of a long non timetable loan. Boat cost £10,000 rounded up.
My Question: Is this boat an asset that needs to be listed? And if so how much is the correct amount to declare, based on above information. Thanks
Thank you for your question, but unfortunately giving that level of individual advice is beyond the scope of this forum. My assumption is that your question is relating to a means tested benefit, in which case we would recommend that you contact a local benefits advisor.
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