If the total value of your pension pot exceeds prescribed limits you will incur tax penalties so it’s highly recommended you choose a financial service that is experienced in these calculations to ensure your lifetime allowance is managed correctly.
The calculation of this is based on HMRC rules which bear little resemblance to the actual value of your pension. Lifetime allowance charges are not paid as a separate tax charge, but instead deducted from your actual pension before it is paid to you.
Many GPs are paying into pensions inappropriately and losing money as a result. Moore Scarrott Healthcare can advise you on any appropriate HMRC protections that can be applied to mitigate the personal tax threat against you.
We work with medical professionals all over the UK, so to find out how we can help you, contact us on firstname.lastname@example.org for a free consultation at your convenience.
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