Note: The following is probably only of interest to UK-based readers.
It was reported last week that a new tax will be introduced to cover the cost of care in old age.
The 'inheritance levy' is expected to be proposed within the next couple of weeks as the Government tries to bring an end to the practice of over 60,000 people having to sell their properties to fund care home places each year.
It could take the form of an 'inheritance levy' of up to £12,000 deducted from the estates of the elderly when they die. Alternatively, it could become a one-off fee payable at retirement. Another possibility is an additional National Insurance contribution paid during your working life to ensure the cost of care was covered in old age.
Read more here.
Informed Choice is a firm of UK-based Chartered Financial Planners that works with individuals and small business owners to help them to build, manage and protect their wealth.
Comments