Government considering introduction of inheritance tax (IHT) exempt 'care ISA' to tackle the social care crisis
This weekend the Telegraph reported the Treasury has been reviewing proposals to include the care ISA in the government's upcoming social care green paper due this autumn. Currently, ISAs are taxed at death, meaning there is an incentive to spend savings rather than keep them to fund care. Government figures provided to former pensions minister Ros Altmann revealed those aged 60 and above have more than £300bn in ISA savings, with average values per pot between £34,000 and £40,000. Altmann welcomed the proposal, pointing out a care ISA system could have a number of advantages, incl...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.
