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Residence Nil Rate Band (RNRB).

A new tax-free allowance was announced in the Summer Budget 2015 (the Residence Nil Rate Band) that will take effect on or after 6th April 2017.  Downsizing provisions have yet to be finalised.

There are a lot of myths and misconceptions surrounding this new allowance - please call or view our website pages (not yet updated) for further information - including:

  • everyone has a new allowance of £1M;
  • everyone can pass their home free of tax to their children

You may not get the full allowance (or double the allowance) if:

  1. your estate exceeds £2M
  2. you rent property
  3. you don't leave your property (or proceeds of sale) to the right qualifying people and in the right manner
  4. you are unmarried

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Plans to cap long-term care costs

Plans to cap long-term care costs

Health Secretary, Jeremy Hunt, planning to cap personal cost at £75,000 far more than government commission recommended

Jeremy Hunt has reportedly chosen a £75,000 cap on the amount people will have to pay for long-term care.

Campaigners say £75,000 would be too high and would mean many people would still have to sell their homes to pay for care.

One observer said “The government is sneakily shifting the cost of care further and further onto older people and their families. The £75,000 cap is the dampest of damp squibs. It is a con of the worst sort.”

The Dilnot commission recommended a cap of between £35,000 and £50,000 meaning that on average no-one would have to dispose of more than about a third of the value of their housing assets. The chancellor, George Osborne, is thought to have dismissed the possibility of that range on cost grounds.

The Alzheimer's Society said a £75,000 cap would only help "the few".