Savings Credit & Capital >£16K

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Viewing 7 posts - 1 through 7 (of 7 total)
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  • #20410
    JamesPickering
    Participant

    Can someone please confirm the Reg no. that states if a claimants capital exceeds £16K the LA must amend the HB/CTB.

    Thanks

    #2931
    Kevin D
    Participant

    [b:33c8d53a1b]HB(SPC)R 27(7)&(8 )[/b:33c8d53a1b]

    new.hbinfo.org.com/menu2/pchbregs06/027_06pc.shtml

    #2932
    JamesPickering
    Participant

    Thanks Kevin.

    Can someone now please clarify things as I have been talking to the PS and am totally confused.

    a. Claimant receives SC and notifies us that they have more than £16K so we amend the claim from when the Capital exceeded £16K.

    b. Claimant notifies the PS that they have over £16K – do the PS have to notify us of this change? I guess not as the claimant does not have to report increases in Capital during their AIP. When we do eventually find out when do we amend the HB from i.e. when notified or from when Capital exceeds?

    #2933
    Kevin D
    Participant

    Normal change of circs rules apply – Monday after the actual change.

    And, the clmt is in fact under a duty to notify the LA of any change in cap that does, or may, bring capital over £16,000. [b:e61ef67e79]HB(SPC)R 69(7)(c)[/b:e61ef67e79] applies.

    new.hbinfo.org.com/menu2/pchbregs06/069_06pc.shtml

    Regards

    #2934
    JamesPickering
    Participant

    Oh dagnammit of course they do.

    Thanks.

    😳

    #2935
    JamesPickering
    Participant

    Sorry to bring this up again…

    1. Does the PS have a duty to notify us if the customer advises them that they have Capital >£16K

    2. What happens in cases where claimant has >£16k and they apply for HB/CTB but have too much Capital. 12 months later their Capital has reuced to £14K so they come into the office and say they want to claim HB/CTB. We say sorry but we have to use the PS figures but they won’t adjust the Capital until the end of the AIP.

    Is that right in both cases? Doesn’t seem fair somehow.

    #2936
    Anonymous
    Guest

    You don’t have to use TPS calculation of capital if you know that clt has less (modified AIF???). My understanding is that if pensioner has a beneficial change (i.e. capital reduces) PC can be reassessed straight away without waiting for end of AIP

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