Asset tax for over 65s

Thinktank proposes asset tax for over-65sThe Social Market Foundation has said homeowners and people with substantial savings should face a one-off “asset tax” of £30,000 when they reach 65 to fund England’s care system for the elderly. The thinktank estimates such a charge would raise £7bn a year and enable care in residential settings and in people’s homes to be delivered free, rather than based on a means test as now. It argued that it was not fair to force people of working age to pay more tax to fund care for older people. The Social Market Foundation said that the charge of £30,000 should be levied on anyone with assets worth more than £150,000 and paid when they turned 65 or deferred until their death.