New old age tax

New tax considered to boost social care fundingHealth and Social Care Secretary Matt Hancock has said he is considering a cross-party plan for a compulsory tax deducted from the earnings of the middle aged and over 65s to fund the cost of their care in later life. The proposals are based on a system in Germany whereby all workers over 40 pay 2.5% of their wages into a pot formally ring-fenced for social care. The plan also includes offering cash payouts to young and elderly adults receiving care, to enable them to pay carers, including family members.