Budget update: the wins and losses from the Chancellor

11 downing street

Jeremy Hunt’s pre-election Budget has been dubbed ‘underwhelming’. There were certainly no big surprises – particularly as the big news on National Insurance (NI) was released before the event. Disappointingly for many, the inheritance tax threshold remains unchanged at the rate set back in 2008. To summarise the key points, employees will now pay 8 […]

Giving peace of mind to your loved ones

family ice cream

Lasting powers of attorney (LPAs) have been in the news recently as the paper-based system is due to be replaced with an online application scheme. A lasting power of attorney is a legal document that appoints someone to manage your affairs in the event you are no longer able to do so. This might be […]

Autumn Statement: No IHT reform but tax cuts announced

hm treasury

The Chancellor’s second Autumn Statement was presented with a slightly less dramatic backdrop than his first, which swiftly followed Trussonomics. Nevertheless, the economy still remains challenging and there looms the possibility of a general election next year. There had been much speculation that a change to the inheritance nil rate band would be announced – […]

Will new NHS pension flexibilities be enough?

couple garden

The outcome of the NHS retirement flexibilities consultation was published in March. From April 2023, doctors in the 1995 scheme will be able to ‘retire and rejoin’ – effectively retire, draw their NHS pension benefits and rejoin the 2015 scheme to accrue further benefits. There is a minimum 24-hour break before rejoining however, the previous […]

McCloud remedy latest: further consultation launched

nhs heart

Another DHSC consultation has been launched to discern how the government plans to implement the McCloud Remedy. This is the plan to alleviate the deemed age discrimination caused by moving some members of the NHS pension to the 2015 scheme. The first consultation last year considered how the legacy pension schemes would close at the […]

Budget 2023: Yearly tax-free pensions savings to increase

houses of parliament

The annual allowance, which has had a particularly negative impact on the NHS workforce in recent years, will be increased from £40,000 to £60,000 from April 2023. The tapered version of the allowance which further penalises higher earners depending on income, will see its minimum amount set to £10,000 from the current £4,000. The figure […]

Budget 2023: Dramatic change for lifetime allowance

11 downing street

The chancellor Jeremy Hunt has abolished the lifetime allowance in a bid to stop people ‘pulling out of the workforce for tax reasons’. There had been excited media speculation in the days before the Budget that the lifetime allowance, currently set at £1.073m and due to remain frozen until 2026, would be increased to its […]

BMA: permission for Judicial Review against NHS staff paying for McCloud remedy

royal courts of justice

The high court will allow the BMA to hold a judicial review to appeal the Government’s attempts to make members pay for the McCloud remedy. This remedy is due to rectify the deemed age discrimination of moving some NHS pension members to the 2015 scheme. BMA pensions committee chair Dr Vishal Sharma said the decision […]