Fair Deal farm asset relief to look back three years
Farmers should not delay entering the Nursing Home Support Scheme as means testing rules will apply retrospectively in changes being drafted by Government.
Farmland is currently subject to open-ended nursing home charges under the Fair Deal scheme.
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Plans to end nursing home charges applicable to small business assets including farm property after three years will apply to people already covered by the so-called Fair Deal scheme, a spokesperson for Minister of State for Mental Health and Older People Jim Daly has told the Irish Farmers Journal.
This means farmers who need nursing home care should not delay entering the scheme out of fear that they will miss out on improved terms and conditions when changes enter into force, hopefully at the end of this year, the spokesperson added. For example, a person already in the scheme for two years when changes are implemented will be liable for charges on the value of their farm property for another year only.
All assets except a person's home and the property of those suffering a sudden illness are subject to an annual charge of 7.5% of their value for as long as they stay in a nursing home.
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The Government was expected to approve plans this month to end these charges after three years to protect the viability of farms and small businesses for the next generation. This is now scheduled for March.
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Plans to end nursing home charges applicable to small business assets including farm property after three years will apply to people already covered by the so-called Fair Deal scheme, a spokesperson for Minister of State for Mental Health and Older People Jim Daly has told the Irish Farmers Journal.
This means farmers who need nursing home care should not delay entering the scheme out of fear that they will miss out on improved terms and conditions when changes enter into force, hopefully at the end of this year, the spokesperson added. For example, a person already in the scheme for two years when changes are implemented will be liable for charges on the value of their farm property for another year only.
All assets except a person's home and the property of those suffering a sudden illness are subject to an annual charge of 7.5% of their value for as long as they stay in a nursing home.
The Government was expected to approve plans this month to end these charges after three years to protect the viability of farms and small businesses for the next generation. This is now scheduled for March.
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