Pensions Lifetime Allowance Tax – Is It Being Scrapped?”

NHS Pension·Q&A·Tax · 26th December 2017

Q. As a Consultant who has had to opt out of the NHS Pension Scheme in my mid 50s, I hear rumours that this tax may be scrapped.

Is there any sign of this?

A. No, we don’t see any sign that this tax will be scrapped.

In fact, HMRC are collecting record amounts of this tax – £20m in 2014/15 to £36m in 2015/16.

However, it has recently been announced that the £1m limit currently will rise by 3% in April. So we can hope to see an LTA of £1,030,000 then.

This is the first increase in LTA allowances since it was reduced to £1m!

purpl

My passion is to help senior doctors and dentists organise their finances to create their own strategy to achieve their goals in life. I do this impartially as I charge fees. Outside of work the words that best describe me are: family man, squash, badminton, jogging, travel, reading, archaeology, genealogy, writing a book on Robert the Bruce. I live in the hills of Northumberland in Rothbury and believe in living the life you love.