Cut care fees and avoid inheritance tax? The fix only few know

Cut care fees and avoid inheritance tax? The fix only few know

A special type of annuity pays care fees free of income tax and can reduce inheritance tax bills Credit: AP Older savers and their families who pick a little-known pension option can cut the cost of later life care by completely avoiding inheritance tax (IHT), but experts say many are missing out.

Pensioners could be better off with what is known as an "immediate needs annuity". Bought only when required to pay for care, it means handing over a lump sum to an insurance company, which then pays a residential home or home help to provide care until death.

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