Mp’s have stated that the new tax introduced to fund elderly care should be paid by the cover of the over-40s.
Two house of common committees have called for a new social care premium to be introduced so that help is available for those in old age. The report this was published in also argued that employers should contribute towards this premium, and it could be topped up by a levy on inheritance tax for estates above a certain threshold.
In this present time, many people have to fund social care themselves due to this support only being available for those on the lowest incomes. This tax is required to be payed for by the over-40s, including the elderly who are on a high income or have profitable investments.
The money earned from the reforms would be used to allow access to care for anyone who needs it, whilst also taking pressure from the social care system.
Sarah Wollaston, chair of the Health and Social Care Committee, said:
“We can no longer delay finding a fair and sustainable settlement for social care.
“Too many people are being left without the care and support they need and it is time for decisions to be made about how the costs are shared.”