The government’s increase in national insurance contributions to fund social care has provoked debate within the financial advice community; some see opportunities arising out of the government’s £86,000 cap on care contributions, while others say the fundamental advice offered to clients will not change.
On Wednesday (8 September), Boris Johnson announced there would be a 1.25% increase to national insurance tax to fund social care in the UK. Previously, if an assessment deemed an individual able to pay for their own care, then costs could build up substantially over the course of a lifetime. "You can't fix the NHS without fixing social care," Johnson said during his address. "You can't fix social care without the fear of losing everything to paying for social care. And you can't fix health and social care without long-term reform. "The plan that I am setting out today will fix all of...
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