I have received a gift of money from my deceased dad's pension, specifically for clearing my debts. Do I still have to declare this as I'm on benefits. So need to know, which benefits will be stopped or reduced. When he was alive he would give him me money to pay at the bank or by bank transfer into my account.
It depends on the amount of money you have been left.
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).
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.
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.
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
We use cookies on our website. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). You can decide for yourself whether you want to allow cookies or not. Please note that if you reject them, you may not be able to use all the functionalities of the site.
