Benefits, Children, Money
I have saved money that I want to give to my children now and put in their bank accounts – will my children’s accounts be looked at for my Housing Benefit?
Any income of a dependent child won’t affect your Housing Benefit but you should be careful about the savings rules around means tested benefits and in particular your Housing Benefit. If you have over £16,000 in savings then you ordinarily wouldn’t be eligible for Housing Benefit. In moving some savings elsewhere, i.e. to your children, you don’t want to be seen to be “disposing” of your savings in order to claim a benefit. It will depend on how much savings you have and how much you are thinking of giving to your children. Speak to someone at your Council’s Housing Benefit Department to check it out with them. You could also call your local Citizens Advice Bureau or call us on our Lone Parent Helpline 0808 801 0323, Mon-Fri 9.30 am – 4 pm to discuss this further.
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