The government hasn’t announced a ‘wealth stability tax’ for homeowners over 60

We’ve spotted several videos circulating on social media claiming that the government has announced a “wealth stability tax” for homeowners over 60.

But this isn’t true. The Treasury confirmed to Full Fact that there is no such tax.

The videos claim this supposed new tax would take the form of “an annual charge” or “yearly tax bill”. Those who are unable to pay could see the government “place a legal restriction” on their property, which may cause issues for inheritance.

There have been no announcements about any changes like this, and Full Fact could not find any results for a “wealth stability tax” on the government’s website.

One version of the video posted on TikTok has been viewed more than 500,000 times. An example being shared on Facebook claims this new tax is coming in on 1 September “if you’re over 60 and own your home outright”, while another says it will be implemented from 5 September.

Over the summer, there were reports that the chancellor Rachel Reeves MP is considering introducing new taxes on the sales of high-value homes, but none of the reporting we’ve seen suggested there would be a “wealth stability tax” that specifically affects homeowners over the age of 60.

We have recently fact checked other false claims about alleged new rules, including that from next year, every purchase over £1,000 will be automatically reported to HMRC and that cash withdrawals of over £420 will trigger a report to the government’s anti-fraud division.

They form part of a number of misleading and alarmist videos we have seen spreading online about supposed new rules to limit personal freedoms in the UK.

Before sharing claims like these that you see on social media, first consider whether they come from a trustworthy and verifiable source. Our toolkit gives you advice on how to navigate bad information online.