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Capital

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Capital is anything that has a monetary value, such as land and property, investments and savings. You need to let us know if you, or your partner, have a change in the amount of savings or capital you have.

How we treat capital

  • If you or your partner are under state pension age the first £6,000 of your savings is disregarded, a notional income of £1 per week for every £250 or part thereof you have in capital is included in your income.
  • If you or your partner are over state pension age the first £10,000 of your savings is disregarded, a notional income of £1 per week for every £500 or part thereof you have is included in your income.
  • Regardless of your age, if your (and your partner's) combined capital exceeds £16,000 you do not qualify, (unless you get Guaranteed Pension Credit).

The following are some of the most common items counted as capital

  • Cash
  • Individual Savings Accounts (ISAs)
  • Land
  • Lump sums such as redundancy payments, insurance payments and back payments of social security benefits
  • Premium Bonds and Income Bonds
  • Properties you or your partner own or jointly own
  • Money held or jointly held in banks, building societies and the Post Office
  • Money held or jointly held in any current accounts or pre-paid cards
  • Money held in trust
  • Money you have borrowed
  • Stocks, shares, unit trust holdings, government securities and bonds
  • Tax Exempt Special Savings Accounts (TESSAs)
  • Tax refunds
  • Tessa only ISAs (TOISAs)
  • National Savings Certificate

Please note this is not a full list. Other forms of investments, properties, savings, or anything that has monetary value could be counted as capital. Please contact us if you need more information.

Contact Details

Benefits,
Ipswich Borough Council,
1E Grafton House,
15-17 Russell Road,
Ipswich,
IP1 2DE

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01473 432700