Care Home Funding

By making individuals pay for their own care needs in later life, saves the government many millions of pounds.

Care Home funding is basically taxation

The rules here are complex and confusing and have been in need of reform for almost 2 decades. A proper tax planning strategy needs to fully consider future expenditure needs, including possible care fees.

Whilst mitigating care fees is undoubtedly important, equally so is the quality of the care received and at Culver Law, we don’t lose sight of that and will never advise you to dispose of all assets leaving you to be state-funded should you need care. To do so would ensure you receive a far lesser standard of care than you may receive otherwise.

What we can do is work with you to provide a cost-effective strategy to fund your care.

If you, or a relative, are already receiving care and you are concerned about funds rapidly decreasing please get in touch to discuss your options.

Basic rules

In England, if you have assets worth more than £23,250 you pay for your care in full until such time as your funds are below that level. Your assets here include your property unless it can be disregarded due to a dependent relative living there (in certain circumstances).

Once your assets fall below the above limit, your income (save for a minuscule personal allowance) all goes towards your care fees and for every £250 you have over the lower limit of £14,250, you are considered to receive an additional £1 of income per month to pay towards your care costs. Once your assets fall below £14,250 your capital assets are not further depleted but your income continues to be used to pay for your care fees.

These limits have not been varied in well over a decade even with inflation.

For this reason, care funding seems to be an element of taxation. The earlier you can take advice and discuss your concerns and get a plan in place the more we can help. Don’t delay, contact us today to discuss further.

Taxation Services

Our team are experienced in handling a broad range of taxation services, that include but aren’t limited to:

Inheritance Tax

Get personalised, easy-to-understand inheritance tax planning advice from our team of friendly solicitors in London or Cambridge. We are inheritance tax specialists so you don't have to be.

Inheritance Tax
Stamp Duty Land Tax (SDLT)

Or SDLT is in its simplest form a tax payable on the purchase of properties. However, if you make a gift of a property and the responsibility for the mortgage passes, SDLT can be payable.

Stamp Duty Land Tax
Capital Gains Tax

Capital gains tax is payable whether you sell or give away an asset and can also be payable if an asset is destroyed and you receive an insurance payout.

Capital Gains Tax
Care Home Funding

By making individuals pay for their own care needs in later life, saves the government many millions of pounds.

Care Home Funding

Get in touch

T: 0203 889 0166
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

Authorised and Regulated by the Solicitors Regulation Authority. SRA Number: 820401.

Registered Office
Hamilton House, 1 Temple Avenue, London
EC4Y 0HA
Company No. 13313009

Culver Law, London
Hamilton House
1 Temple Avenue
London
EC4Y 0HA
0203 889 0166

Culver Law, Cambridge
9 Hills Road
Cambridge
CB2 1GE
01223 653010

Any information on this website, whilst intended to be accurate, does not constitute legal advice.

Website Design & Development Beyond Your Brand.

Care Home Funding