Social Care: Reform & Funding Highlights
Government reforms to social care will impact those entering care in England from October 2023.
- The cap for full self-funding will rise to £100,000 from £23,250.
- The lower end means test capital limit will rise to £20,000 from £14,250.
- A total lifetime fee cap will initially be set at £86,000.
- A new ‘Health and Social Care Levy’ (HSCL) of 1.25% will be added to national insurance contributions for 2022/23. From 2023/24 this will be a separate charge enabling the HSCL to be levied on employees and the self-employed over state pension age (SPA).
- Dividend tax rates will rise by 1.25% from 2022/23.vb
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