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No major changes for elderly in recent Budget

March 26th, 2017 By

On review of the 2017 Budget delivered by the Chancellor on 8th March 2017 no major changes for vulnerable people or elderly family members came to light.

Dividend Income

Do you receive income from corporate Dividends? The Dividend Tax Allowance (currently at £5000 as introduced in March 2016) is set to be reduced by over 50% in April 2018.

The cost of Social Care

In the budget was a £2 billion injection for Social Care. While this sounds great on paper, it is widely agreed that it will only help keep the sector alive, rather than allowing it to grow and expand. We are holding out for the Social Care Green Paper that is speculated for later in 2017.

Additional Inheritance Tax Exemptions

In last year’s Budget, an additional piece of Inheritance Tax exemption was announced for anyone leaving their family home to direct descendants (children/grandchildren). This takes effect from 6th April.

NS&I Bonds

One of the more positive aspects was an announcement of a new issue of NS&I Bonds coming in April. Amongst retired individuals, these bonds have been very popular historically as their return is typically slightly higher than that of other savings – and of course, they are Government-backed.

If you are concerned about finances as you reach retirement age and are looking to plan ahead, there are a number of organisations out in the community that can help – some free and some paid premium services such as “financial advisors”. On the Gov.uk website you can also check your state pension to see how much money you are entitled to and the date on which you are eligible for State Pension. Check it out at https://www.gov.uk/check-state-pension 

As Social Care becomes more costly and access to funded services are reduced, cost-effective and accessible services (like the CareCams Camera System) are growing more popular. To see if there is any funding in your area, contact your local council. We are happy to talk direct with them to help build a package of care that suits every budget.

 


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