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What would stop you from handing over your assets to your children to get free social care?
Poll: Poll: Prime Minister Theresa May calls General Election on June 8th
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Because there's no time limit on Councils being able to go back and look at if you gifted your assets to relatives to avoid social care costs, then just reassess them back as your asset, and take it
They aren't daft
darkgen said:
Nope, the 7 years is just for IHT, there is no time limit for Councils
So a tip - when you go to the solicitors to do the transfer of assets - make sure you mention nothing about doing it for social care avoidance
As they will have to note that down, not that that even fully protects you, but it helps
given our ageing population why shouldn't they pay for social care... there are enough young people out there who can't afford homes - why should their taxes pay for the care of some elderly person who has substantial assets themselves to cover care costs
There are rules at the moment that make this non-trivial for inheritance tax so presumably there would be similar restrictions for this.
Seems kinda mean to me, "sorry your Mum has just died, now sell her £300k house and give us £200k of the proceeds". Then again I'm not sure what the solution is here.
Doesn't affect me in any way whatsoever, I rent. I'm alright jack.
You planning on renting for the rest of your life?
More than likely. I've never subscribed to the British way of 'OMGZ got to buy a house' style of living.
So after a wild ride through life I'll get my old age social care for free, thanks Theresa.
Wonder if I should change my voting intentions...
Well the Tories certainly make it a nice idea considering the raping you get.
I'm starting to think the Tories are in fact necrophiliacs.
By far, the best post in the thread.
It is a clever proposal. It ensures that the older population pay for their social care in larger numbers whether in or out of residential care. It removes some of the burden from the working population and still ensures that some wealth can be passed down.
It is much better than saying we will rise taxes and spend more on social care. It provides some assurance for expansion of social care into peoples homes.
I am 64 years old so I would be one of the ''turkeys' voting for this as well as the removal of the triple lock and universal winter fuel benefit. There are more important issues.
It is much better than saying we will rise taxes and spend more on social care. It provides some assurance for expansion of social care into peoples homes.
I am 64 years old so I would be one of the ''turkeys' voting for this as well as the removal of the triple lock and universal winter fuel benefit. There are more important issues.
Sad to hear. IMO the British attitude of "OMGZ got to buy a house" is because we're a nation of aspirers. Perhaps you'll think differently when you're a bit older and looking to settle down.
You might get your social care for free but the question is what form that social care will take? Landlords can't be sympathetic if you can't afford the rent, which means you'll be moved into a home run by the lowest-priced bidder. Home-owners at least will be able to stay in their own homes for longer under this arrangement at least, which I would contend will often be in their best interests.
I'm 52 years old, I'm settled down already. I worked nights for 20 years, and have never been on the dole. I also live in a HA house. A nation of 'aspirers'. lol
Yep that's it in a nutshell. Had to laugh at Hunt defending it on the basis this way people will be able to leave their children and grandchildren a £100k inheritance but didnt seem concerned that would mean the children would lose the family home to settle the bill.
I'm aware of the principle. However, I was under the impression it would only be pursued by Local Authorities where there was evidence capital was being deliberately gifted or transferred to others in order to qualify for state-aid and/or where it was inside a qualifying time period between capital being transferred and need for state-aid.
Do you think they will let every house owner suddenly transfer the house to their children? Every house owner in the country has just been bent over by May. I'm shocked this isn't one of Corbyns plans tbh, and if it was, there would certainly be some hate for it in the press, and in here.
I suspect that if your were to gift your house to your children when your 50 and then need care when you are 80, you wouldn't get pursued. Of course you have to trust your children not to kick you out and out you in a care home.
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So this is essentially another cut?
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