New tax on over-40s being considered by ministers to fund social care would raise £15bn a year, study finds

New tax on over-40s being considered by ministers to fund social care would raise £15bn a year, study finds A new tax being considered by ministers as a way to fund social care could raise up to £15bn a year, according to a new report.

The proposal would see a 2.5 per cent levy applied to the earnings of people over the age of 40, similar to the model used in Germany.

The revenue generated by the new tax would go into a ring-fenced pot used to fund social care.

Matt Hancock, the health secretary, has previously said he is “attracted to” the proposal, which is expected to be one option included in a government green paper due to be published before Christmas. The Independent