Over 40s tax needed for old age care

Jun 27, 2018


By Kate Brown

Over 40s tax needed for old age care - Knowles Warwick

MPs have announced that a new tax for people over 40s should be introduced in England to help pay for nationwide elderly care.

Currently, only those facing financial difficulties receive help towards the cost of care, whether it be in a care home or in a people’s home. Whereas, others are expected to fund their own care. Statistics reveal that 37.5% of the population receive help with care from family and friends, 30% receive little/no help, 21% receive help from the council, and 12.5% pay for their own care. It is estimated that those who pay for their own care face lifetime costs of more than £100,000.

A recent poll by Ipsos Mori revealed that just 15% thought that the current care funding system was fair. However, the idea of a new tax received mixed responses from the public.

A rise in funding has been recently agreed for the NHS, whereby the budget will increase by £20 billion a year by 2023. Ministers report that tax rises will be required in order to fund this.

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