New Clause 32 - Costs of residential care (No. 2)
Finance Bill
6:30 pm
''.—(1) The income for a year of assessment of an individual who in that year—
(a) is in need of residential care,
(b) receives such care, and
(c) pays for it himself,
shall, subject to subsection (2), be treated as reduced by 50 per cent. of the amount of the payment.
(2) The amount by which an individual's liability to income tax for a year of assessment is reduced under this section shall not exceed the amount by which it would be reduced if the higher rate of income tax for that year were the same as the basic rate.''.—[Chris Grayling.]
Brought up, and read the First time.