Those of us who would be willing to start contributing for our Social Care now, could start with a minimum of £2 plus £1 from the Government (in your pot) would receive tax relief, on your contribution of £2 or multiples. The contributor who paid most per month would reap most rewards (tax relief). if you require access to your Social Care Budget in the future it will be their for you.
You have to remember we have already paid tax on this Income, it would seem appropriate to receive tax relief on our contribution, as we are now 'lending' our Social Care Contribution to the Government.
The 'ring fenced' contribution will be their to grow, and use for Social Care only.
If you die without accessing your 'Social Care' budget it will go to the Government LA 'ring fenced' Social Care Budget.
The monthly contribution could be as a couple or single person.
'Innovation' a LA used a very innovative way of making money, they invested in Property 'Industrial Property' and then rented out, a very good income, just one way of making it work.
It will operate from an Inland Revenue Annual Return, just another 'column' to complete.
To make my suggestion clear, the monthly contributions are their for the Government to Invest for Social Care, however they have to ensure that the monthly contribution will be protected by a Government 'BOND' and any Interest made must be shared by all Contributors with the Government taking a percentage on the returns of the money invested.
I think this is a fare way of lending your money, receiving 'interest' on your contribution, increasing the value of your contribution, and a proportion going to the Government.
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