Ring-Fence Money for Education

TheScullster · 2009-10-21T10:45:36+00:00

Hi all Is it possible to "allocate" money for the kids education so that it is not seen as savings. As a family, we have not been extravagant, preferring to save to help the kids through university. But I work in engineering and things are looking decidedly shakey just now. A lot of benefits look at "savings" as disposable monies to be spent before assistance is given. It is a serious source of aggravation (I suspect many are in the same boat right now) that we can be penalised for foregoing foreign holidays, flash cars etc and looking to the future in this way. So what are the options, other than stuffing the matress with it (the money I mean)? TIA Phil

Oct 21, 2009 21 Replies

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Clive Martin 16 years ago

In message , Andy Pandy writes

Broadly, yes. See:

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So I should probably have said something like "the income and capital of children is now wholly ignored for DWP means-tested benefits".

DWP means-tested benefits operate differently from tax/tax credits in many ways. Keeps us on our toes...

Clive

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Andy Pandy 16 years ago

Yes - although I'm surprised as it's unusual for HMRC to count something as income which the DWP don't. Usually it's the other way round.

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