01142747576 bestadvice@knowleswarwick.com

Pension tax report due imminently

14th January 2020

A report on the tapered annual allowance is expected to be published ahead of the upcoming Budget on 11 March 2020.

Prior to last month's election, the Government's election manifesto vowed to fix the tapered annual allowance.

The issue is particularly prevalent in the NHS, with medical professionals snubbing overtime shifts amid fears of being clobbered with tax charges.

The manifesto pledge said an urgent review to "address the taper problem in doctors' pensions" would take place within 30 days.

The British Medical Association and Academy of Medical Royal Colleges are believed to be working with the Government to find a resolution.

Several calls had been made to scrap the controversial taper for all high net-worth individuals, although that seems unlikely.

Steve Webb, director of policy at Royal London, said:

"There is a crisis in the NHS this winter, and to respond to this with a further review fails to grasp the urgency of the situation.

"The tapered annual allowance is complex and makes it very hard for taxpayers to know where they stand.

"The solution is to abolish the taper outright, even if this means a lower across-the-board annual allowance for all."

Talk to us about reporting pension information

Happiness is a Positive Cash Flow

Click here for the Quickbooks website Xero Gold Partner Accountants Sage accountants, experts in cloud accounting, Sheffield, South Yorkshire 

ICAEW Chartered Accountants Click here for the ACCA website Connect Yorkshire  Sheffield Chamber of Commerce Click here for the Caunce O'Hara website 

Knowles Warwick Financial Services Limited is authorised and regulated by the Financial Conduct Authority (in respect of regulated investment, insurance and mortgage business). For regulated financial services, the Financial Ombudsman Service is the alternative dispute resolution provider.