Plans have emerged of a new ISA that the UK Government is considering to help people save to fund the cost of care in later life, and solve the country’s social care crisis.
The new Isa – would be exempt from inheritance tax.
Criticism has already been voiced from the Conservative back benches. ‘This won’t solve the care crisis at all. It only works for a small minority of wealthy people’, warns Sarah Wollaston
Sarah Wollaston, the chair of Commons Health and Social Care Committee, has said the plans were a “colossal mistake” and she claims that they would not solve the crisis “at all”.
It is understood that the Treasury has been reviewing proposals to include the new Isa in the social care green paper due to be announced by the government.
4.3m people over 70 have an average of £40,000 in Isa wealth. Meanwhile more than 12 million over-50s have saved tens of thousands of pounds in Isas.
Read the original article here
Click here for more information about Home Care in the Cheshire region