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You may have seen the recent press coverage* that the government has come up with new proposals for England and Wales to end the dispute with doctors over pensions.
In a nutshell the government will put forward a plan allowing doctors complete flexibility to scale down their pension contributions to avoid breaching the annual tax-free allowance.
Philip Eagle, Hallidays Tax Director comments:
“NHS senior doctors will be pleased to see the government announce a relaxation of the draconian pension charges if pension overpayments are made. It’s a step in the right direction, however the ‘devil will be in detail’ and the government will struggle to produce a simple adjustment. I’m very interested to see how HMRC are going to implement this.”
Philip outlines the key issues:
If you are a doctor affected by these proposals, please contact Philip Eagle and his team for expert advice regarding your pension contributions and tax implications.
* Source: https://www.bbc.co.uk/news/health-49196357
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