Increasing inheritance tax (IHT) on estates above a certain threshold, as part of 'social care premium' proposals, could increase intergenerational inequality, Old Mutual Wealth (OMW) has warned.
A report released today by the Housing, Communities and Local Government and Health and Social Care committees called for a ‘social care premium' to ensure sustainable funding for later life care. Among the proposals put forward by MPs in the report, it was suggested a specified additional amount of IHT be levied on all estates above a certain threshold and capped at a percentage of the total value. OMW tax and financial planning expert Rachael Griffin (pictured) said: "This could actually serve to increase intergenerational inequality by stemming the flow of money down through genera...
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