NHS staff may be considering early retirement from the health service because of fears that the tax on their lump sum could be changed in the forthcoming Budget. There are also worries about changes to capital gains tax and inheritance tax.
Individuals can take 25 per cent of their pensions as a tax-free lump sum up to the value of £268,275. However we are receiving calls from clients worried about rumours this figure could be reduced to £100,000.
Speculation is always rife leading up to a Budget – and quite often the predicted changes do not materialise. We would advise medical professionals to make sure they have specialist advises working on their behalf who can ensure their finances are in the best shape, no matter what the future might bring.
