The Conservative Party’s 2017 Manifesto contains proposals to scrap the so-called Dilnot report if the Party is re-elected on 8 June – meaning that, for the first time, the value of a person’s residential property would be included in the means testing for receiving free care.
According to the Manifesto, which has now been officially unveiled by Prime Minister Theresa May, provisions will be made that ensure no-one living in the UK is forced to sell their property during their lifetime in order to fund residential or in-house care.
Under new proposals, the cost of care will instead be taken from the value of a person’s estate following their death – assuming that their estate is worth £100,000 or more at this point.
The idea is that such individuals whose property is already taken into account in a means test will effectively be able to defer paying for their care until after they have passed away.
The Conservative Party has also said that it will increase the amount of wealth each individual is allowed to accumulate – in terms of both savings and the value of their home – from the current £23,250 to £100,000 before that individual loses the right to free care.
This effectively means that whatever amount is spent on social care will become ‘free’ once an individual’s wealth is reduced to £100,000 or less.
Latest posts by Nigel Rowley (see all)
- Fears that families are not taking IHT seriously - September 22, 2017
- UK commercial property market thriving in many regions, figures suggest - September 18, 2017
- Rise in number of charitable donations left in Wills - September 15, 2017