OAP Question .

Albermarle

p00hsticks said:

alfmurph said:

£5 a week is not much until you multiply it 20 years .

Your definition of 'not much' must be differnt to mine!

£5 a week (actually £5,29) is £275 a year. Even if she has other income meaning she'll pay 20% tax on it all that's still £220 a year, meaning she'll recoup her initial £800 investment in under 4 years, and will be quids in if she lives to be over 70 (whcih most people her age will)

Also the £5.29 will increase with inflation, which makes a big difference over 20 or 30 years.

To put it into another context . To buy an annuity of £275 pa with a full inflation link at age 66, would cost about £6000, a lot more than £800 !

alfmurph

Looking Good .

Can Carer’s Credit be backdated?

Yes, Carer’s Credit can be backdated to the start of the previous tax year. We can claim it retrospectively, even if the person we were caring for no longer has care needs or has passed away..