“Doctors will go part-time if pension rules are not changed, BMA warns”

Apr 30, 2019 | Tax

Tags: GPs, Pensions

We’re not talking here about your Bentley-driving, Harley Street docs. These are the consultants who sort you out in A&E, remove your lumps and sometimes save your life. They earn a lot less than both Ed Sheeran and middle managers in, say, a tobacco or oil company, but when they’re sitting on the end of your hospital bed, you’d pay them anything they want. If they work more (which they have to because there aren’t enough of them) more has to go into their pensions; if this takes them over the ridiculously complicated contribution limits, they get whacked with a huge tax bill. And not many of us love our jobs enough to do them for free. Even Ed Sheeran.

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“HMRC scraps plans to tax pensions after death”

“HMRC scraps plans to tax pensions after death”

A couple of other Statement Highlights (in my world, anyway). A welcome ‘nothing happened’ on the treatment of pensions on death. They were never going to be liable to IHT (too complicated with trusts and trust law) but there was talk of making them income-taxable on the recipients at whatever age you die.

“Raising IHT threshold could cost government £6bn”

“Raising IHT threshold could cost government £6bn”

Well, the lesson of this week in politics must be to expect the unexpected. Or, alternative interpretation, to expect more of the same. The speculation on the future of Inheritance Tax has switched from abolition to a rise in the amount of wealth you can have before the 40% payment hits.