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Government considering over-40 social care tax

The government is reportedly considering taxing the over-40s to pay for their social care in later life.

Under the plan, the over-40s would have to pay more in tax or national insurance an the money used to pay for domiciliary or residential care as required.

According to The Guardian newspaper, the plans are being considered by the new health and social care taskforce and the Department of Health and Social Care. 

Steven Cameron, pensions director at Aegon said taxing the over-40s was “worth considering” and might be an attractive alternative to having to sell property to pay for care.

“Introducing an additional band of income tax or National Insurance ringfenced to go towards social care costs is worth exploring and would mean those on higher earnings pay more into the fund’” he said.

“Applying the new tax to those above say age 40 may raise questions over intergenerational fairness and the Government needs to look at the wider support it is offering for each age group. While paying more tax is not going to appeal to everyone, homeowners might see it as a price well worth paying if it came with a cross-party lifelong guarantee that in return they will not have to sell their home to pay for future social care.”  

 

Posted on: 27/07/2020

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