Last week, I looked at the proposed overhaul of Inheritance Tax (IHT). It sounds practical and fair, but will it ever happen? We can only plan for tomorrow on the rules as they are today. We have to take clients on the merry dance around the different reliefs and exemptions available now and work with them. If things change, we will need to look again. We cannot rely on the proposals as a reason to forget about IHT.
Likewise, Boris’s promise to build cross party consensus on a long-term solution for adult social care. The government promised to make a start on this within 100 days but it is already more than 3 years since the Conservatives promised a green paper.
For a review to succeed, it needs to be supported by the PM and Chancellor, otherwise it will all end up in the bin with the Dilnot enquiry outcome. It needs public awareness, engagement and support and to bring in other political parties to avoid becoming a political football to be kicked around only to land in long grass.
It may be that Boris creates an effective, fair, state funded care system, that we all pay a share towards, depending on our means, through tax. I am all in favour of that. For now though, it is a messy, underfunded lottery. If you are unlucky enough to be poorly, but not poorly enough to qualify for NHS treatment, your assets will whistle away like a brolly on a windy Tuesday afternoon.