Older people may struggle to pay their council tax this year, even if “modest” rises are put in place, it has been argued.
Help the Aged and Age Concern have outlined their concerns over a three per cent rise in the levy that could be implemented by local authorities.
Age Concern director general Gordon Lishman explained: “This unfair charge can financially cripple older people who are asset rich, but cash poor, because it is worked out on the basis of the size of their property.”
The elderly may not have much income, he noted, stating that this will leave many having difficulties in paying the tax.
Some older homeowners may wish to consider equity release as a method of raising cash using the value of their houses.
According to a report from the Resolution Foundation, Britons over the age of 65 have around Â£500 billion of un-mortgaged equity tied up in their homes.
By Jamie Price