UK Tax: Grasping the Nettle with Ham Fists
- A new cap of £86,000 on the amount that anyone in England will need to spend on personal care in their lifetime is being introduced from October 2023.
- Also from that date, anyone in England with assets of less than £20,000 will not have to dip into their savings or tap the value of their home to pay for care.
- (The main residence only counts towards means testing for single people who are going into a care home. So those being cared for at home, or those with a partner, can ignore the value of the home for means-testing purposes).
- Those with assets of between £20,000 and £100,000 will also get some means-tested support. Currently anyone with more than £23,250 has to pay their care costs in full. (Be aware that this covers care costs, not accommodation costs.)