Raincoat. Age. Die. A guest post by Hubert Huzzah

There are 379 authorised Life Insurance Companies in the UK. 200 are UK authorised and 179 are headquartered in another European country and passport in under the EU Third Life Directive. With the unfolding of Exit from the European Union, the Dementia Tax creates a mechanism for capital flight from the UK via those 179 passported Life Insurance companies. If the UK wishes to retain a working financial services relationship after exit then those 47.2% of Life Insurance Companies passported into the UK market will become the potential source of almost £73Bn of capital flight.It is a poorly thought out, uncosted, scheme that seeks to buy time for the Tories. Given the public availability of information that can be used to cost the scheme, and the pieces of past research that show how poor equity-release is for solving financial problems, where did the Dementia Tax actually come from?

Source: Raincoat. Age. Die. A guest post by Hubert Huzzah

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