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Exempt self-financing pensioners from CGT

Comment 6th July 2010

It is unfair that pensioners should become liable for Capital Gains Tax if they have lived in a Care Home for 3 years and are then forced to sell their house to continue paying their own fees.

Worse still, they will then be taxed at the higher rate, as the proceeds are treated as earned income.

This all means that their money runs out sooner and the State or Local Authority has to pick up the bill.

Pensioners who are self-financing in Care Homes should be exempt from CGT.

Why does this matter?

This will return freedom to control their own finances to the Pensioners.

It will also save an enormous amount from Government or Local Authority expenditure.

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