Poll: Poll: Prime Minister Theresa May calls General Election on June 8th

Who will you vote for?

  • Conservatives

  • Labour

  • Lib Dem

  • UKIP

  • Other (please state)

  • I won't be voting

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dowie said:
on the other hand I suspect that some of the people criticising this, who are otherwise sympathetic to the left, are simply doing so because it is the Tories proposing it
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My main issues with it are that is that it'll make it very hard to hand anything you've worked hard all your life for to your children and that there's nothing to stop a social care company extracting all the cash they can from the elderly until they're down to their last £100,000 of assets. Expect to see social care charges shoot up massively if this is ever introduced as private firms smell the profit.
 
is it me or was there no substance in May's speech? maybe i wasn't listening properly but I didn't here any real policy just "strong and Stable" etc
 
dowie said:
they're not generally going to take it all though, they're going to cover the costs of your care... typical care bill is 50-90k IIRC dependent on location... obviously for the more expensive locations the property in question is likely also more expensive

someone living in a 500k home in south east England perhaps gets say 90k taken away when they die - what is so unfair about that? Not to different to a 15% levy in that case either tbh..
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Guardian said:
For people in north-east England, where the average house price at the end of 2016 was just under £129,000, an average stay of 30 months in a local home costing £554 a week would eat up 56% of the value of their home. The total bill would be £71,000.

For those living in London, where the average house price is around £484,000, 30 months of residential care at a typical cost of £666 a week would only account for around 18% of the value of their home. The total bill would be £86,000.
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Seems totally dependant on where you live to what % of your estate you pay

https://www.theguardian.com/society...-costs-can-soak-up-over-50-of-property-values


Greebo said:
Yeah, with the average house price being £215k this is like an average 53% death duty should you need the maximum social care.
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I think we all need to work on the figures! :D
 
FishFluff said:
My main issues with it are that is that it'll make it very hard to hand anything you've worked hard all your life for to your children and that there's nothing to stop a social care company extracting all the cash they can from the elderly until they're down to their last £100,000 of assets. Expect to see social care charges shoot up massively if this is ever introduced as private firms smell the profit.
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private firms already provide social care, some people already pay for social care privately directly themselves... it doesn't mean you can't pass anything on
 
Greebo said:
Not sure where you get your figures from.

https://ukcareguide.co.uk/home-care-costs/

Leaving it on berkshrie, 10 years in a care home will be £413k and 10 years home help will be £85k. Of course that is per person and so if you are a couple then it will be £170k of home help.

Even Tyne & Wear is £257k in a care home and £57k for home help for 10 years.
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According to this article https://www.theguardian.com/society...-costs-can-soak-up-over-50-of-property-values which roughly has dowies figures in it, they seem to say average length of stay is 30 months...
 
dalehitchy1 said:
I'm still not 100% percent sure I understand. Lets say my house is worth 120k when I die. My social care bill could be... A random guess... Around 50k.

Is 20k of that only deductable (I.e 100k is kept)
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Yes, anybody with low house value wont have to pay much and will in your example be a 20% charge. But the UK average house price is £215k which means there are a lot of houses worth a lot more than £120k across the country.

Due to the massive growth in house prices, this affects a lot of people. I bought my house for £95k in 1999 and last year it was valued at £450k. So potentially there could be a £350k charge on my house. However if I sell it, spend the £350k living the good life and rent then I wont have to pay anything for my social care costs.
 
The Conservative manifesto states that we will be leaving the Single Market and Customs Union. Where's the costing for this?
 
Greebo said:
Not sure where you get your figures from.

https://ukcareguide.co.uk/home-care-costs/

Leaving it on berkshrie, 10 years in a care home will be £413k and 10 years home help will be £85k. Of course that is per person and so if you are a couple then it will be £170k of home help.

Even Tyne & Wear is £257k in a care home and £57k for home help for 10 years.
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Where are you getting your figures from - in particular the 10 years figure?
 
Greebo said:
Yes, anybody with low house value wont have to pay much and will in your example be a 20% charge. But the UK average house price is £215k which means there are a lot of houses worth a lot more than £120k across the country.

Due to the massive growth in house prices, this affects a lot of people. I bought my house for £95k in 1999 and last year it was valued at £450k. So potentially there could be a £350k charge on my house. However if I sell it, spend the £350k living the good life and rent then I wont have to pay anything for my social care costs.
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could you afford to rent though, especially once you've retired?
 
dowie said:
private firms already provide social care, some people already pay for social care privately...
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Correct, but unless you're in a care home they can't currently take the value of your home into consideration. There's like 3x as many people that this new policy will affect.

On a personal level I don't have too many issues with people having to pay for their own care, especially as someone who isn't having children and would be releasing the equity in my home to pay for care at some point anyway. A lot of the over-65 Tory supporters should be up in arms about htis however, yet have you seen how the Daily Mail are spinning this on their front page today?
 
Tunney said:
The Conservative manifesto states that we will be leaving the Single Market and Customs Union. Where's the costing for this?
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They haven't done one. Davis said so as there was no point as we will strike a free trade deal. A bit like last time when the Govt had no plan for if the referendum was leave.

dowie said:
could you afford to rent though, especially once you've retired?
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Well I will have the £350k from the sale of my house spare and I need to get rid of it so I dont pick up a bill for social care so yeah. Plus the state pension and my private pensions too.
 
Greebo said:
Thats a care home stay though which always did include the value of your house. Whats changed today is people having care in their own homes. Not sure of the time period involved with that though
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well presumably not too different in terms of time to residential care homes (not nursing homes)... people don't do it because they're lazy but because, towards the very end of their life, they become incapable of looking after themselves

Greebo said:
Well I will have the £350k from the sale of my house spare and I need to get rid of it so I dont pick up a bill for social care so yeah.
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I think you're missing the point - this is about having assets not just a house.. if you've got 350k in cash then you'll also have to pay for the cost of your care!

If you get rid of it then how will you pay the rent?
 
So anyhow, what happens if you re-mortgage the family home, give that cash to one of your kids, and they use it to buy/get a mortgage on a place of their own?

The house in the child's name... whose asset is that?
 
xyphic said:
As with everything Tory, it has a higher impact on those with less wealth. Around these parts, an average 4 bed semi will come in at somewhere like £200-250k so this effectively takes up to 50% of the value of your home, which is obviously higher than a 15% death tax.
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not really... if you're in a cheaper area then average care costs is more like 50k... you've still got 200k left over in your house...

then again perhaps you've downsized - if you live in a £110k home - say a small retirement bungalow, you're only going to pay 10k...
 
FoxEye said:
So anyhow, what happens if you re-mortgage the family home, give that cash to one of your kids, and they use it to buy/get a mortgage on a place of their own?

The house in the child's name... whose asset is that?
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Who is going to give you a remortgage on your home when you're that age? (assuming elderly since we are on about care)
 
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