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Gov't confirms £75k cap on long-term care costs

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Gov't confirms £75k cap on long-term care costs

Health Minister Jeremy Hunt has confirmed government plans to cap long-term care costs at £75,000, and a new means test threshold of £123,000.

This means a person can hold £123,000 worth of assets and still receive support from the state for their care home costs.

The reforms will cost the £1 billion a year by the end of the next Parliament.

Hunt (pictured) also confirmed that the cost will be met in part by extending the freeze on the inheritance tax threshold at £325,000, or up to £650,000 for couples, by three years from 2015-16.

Hunt said: 'As we get older none of us can have any way of knowing what care needs we will eventually face.'

‘We want to accept a national eligibility test and set a standard so that no one should have to sell their home to pay for their care.'

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FCA panel chair apologises to fund managers over interview comments

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