How will income, savings and property affect my Universal Credit?

What if I have savings or capital?

Capital means how much your assets, shares or investments are worth – the Social Security Agency (SSA) will not count your home and business as assets.

Savings means money you have in your bank, building society or post office accounts, cash and ISAs.

How much your capital and savings are worth may affect the amount of Universal Credit (UC) you get:

• If you have capital and savings below £6,000, your UC will not usually be affected,
• If you have capital and savings above £16,000 you will not get any UC, and
• If you have capital and savings between £6,000 and £16,000, you can still get UC, but you will get £4.35 less for every £250 you have over £6,000 in savings and capital.

What if I get some money from working?

You will get less UC if you earn some money from:

• Being employed, working for someone else,
• Being self-employed, working for yourself, or
• Statutory sick pay, maternity or paternity pay and adoption pay.

You can earn some money without it affecting how much UC you get every month, which is called work allowance. For every £1 you earn above the work allowance, you will get 55p less UC.

What your work allowance will be will depend on whether or not you get help with housing costs. If you get help with housing costs, the work allowance is £573 but if you do not get help with housing costs, it is £344.

What if I get other benefits?

Disability Living Allowance and Personal Independence Payment do not affect your UC, but the following benefits will be taken off your UC:

• Contribution-based Jobseeker’s Allowance,
• Contribution-based Employment and Support Allowance,
• Carer’s Allowance,
• Bereavement and widow’s payments,
• Maternity Allowance,
• Industrial Injuries Benefit, and
• Money from an ex-husband or wife.