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Capital limits

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Plain English definition

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Capital limits

from

Think Local Act Personal (TLAP) Jargon Buster

Think Local Act Personal
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If the value of your capital - any savings you have, as well as assets such as a house you own - is below a certain level (currently £14,250 in England in 2022/23) you will not have to use any of your capital to contribute to the cost of your care. What you contribute will be assessed based on your income. If your capital is between £14,250 and £23,250 you will have to contribute something towards your care, based on a calculation that you have £1 per week extra in your income for every £250 in capital between these limits. If your capital is worth more than £23,250, you will be expected to use this to pay the full cost of your care. This will all be looked at and calculated during a financial assessment.

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