Government scraps cap on care costs to help tackle spending ‘black hole’

Tbf it has to be done. I’m no fan of Labour and would definitely be impacted by the policy but the cost of care is going to get larger and larger. The choice will be to tax current working tax payers on their income which they need because they are working people with mortgages and kids etc or collect it off people when they die when they don’t need it.

No, you didn’t graft for years to establish a business did you? The jealousy shines through you language, besides as has been noted before, you could have written a large cheque to HMRC and not used an EIS.

Even people who paid a couple of hundred grand annually in tax?? That is a lot of lost tax revenue.

So how about a multimillionaire fund manager managing a fund that includes millions for public sector workers. He is amazing at his job and returns are 20% one year, does that have a societal value despite him being paid a seven figure sum annually.

Or is it only road cleaners and toilet cleaners who have value in your (comedy) socialist Utopia.

if I were you, I’d spend some time researching the recent political history of Venezuela. It is an indictment of socialism: a crashed economy, 25% of the population have left the country, etc etc.You only had to have a cursory flick through the weekend papers to know the headline details.

NB you use the term paper wealth. Why? House value is paper wealth - notional until the asset is sold and therefore impossible to tax.

That’s fine isn’t it? They’re not saying they’ll be back to live in state funded care home. I have no objection to people emigrating.

Pension payments are restricted to £60,000 per year (previously £40,000). Dividends don’t attract any particular relief but are taxed differently to employment income.

It’s strange to make up things like this on the internet but you do seem to have very little understanding of it which suggests you are. If you’re not, all the more reason the rest of us shouldn’t pay for your care!

It’s true that high earners and wealthy people can be better off in places with low taxes (and low rates of public services). I used to live in one and I had a good life (and better health care etc which I had to pay for). But I was young and healthy then - it would be more precarious as I got older.

It’s a choice I suppose depending on what sort of society you want. But not relevant to the discussion that taxpayers should pay for wealthy people’s care.

Thank you for putting that poster is their place. Made up no doubt. Hilariously trying to expose two major tax fiddles.

@Teentaxidriver well that was the luck I was referring too but it’s wrong to say no one has achieved a comfortable life through merit.

But we’ll pay a lot less tax. We were in Dubai at Easter and our British friends who have relocated there were roaring with laughter about how little tax they pay and adamant they’ll won’t return.

presumably (if that’s true which I doubt) it’s because (in the first case) you got tax relief as it was your only residence and (in the second case) you got entrepreneurs relief. I wouldn’t be adverse to getting rid of either but not so we can pay for care of rich people.

A massive sense of entitlement is working hard all your life to leave a couple of hundred grand to your children?

You can still do that, just after you have paid for your care.

I think the disconnect is that the top 1% are likely to educate their children privately, use a private GP, have private health insurance, etc. so despite paying vast amounts they take little from public services.

No, our parents generation have benefitted from a multi-decade asset bubble. Nothing to do with merit or luck.

Not actually me but I'm just pointing out that there's zero point in living here as a pensioner unless it's to come back and get free care.

What countries are all these pensioners going to go too?

So you have argued that the global elite won’t move their business to avoid a hefty tax but that a pensioner will uproot themselves to another country just to avoid paying for care.

Yeah, it’s not me whose not making sense.

The country can’t afford to pay for care so wealthy pensioners can pass on money to their kids. Having a massive sense of entitlement isn’t a valid argument.

As I already said, the top 1% of earners pay 28% of all taxes. Net contributors skew very strongly towards the very top of the income scale.

So that’s who those people are who are paying for public services. This is all publicly available information

yes but I won't be spending it on healthcare, I'll be living it up in the sun then come back here to be taken care of

What do you class as taken care of. Do you have any current experience? Relative had a stroke, she was in hospital for 3 weeks because there wasn’t a care package in place. Cousins have rearranged their work & paid for private care as they could see how much she was deteriorating in hospital & wanted her out. Elderly neighbours did have a state care package but it was useless, carers not turning up, no continuity of care, some not very good. They have paid for their own private cares. A friends parent is stuck in hospital awaiting a care home & is now fading away.