What that red box contained

Independent practitioners will be affected by a wide range of changes announced in Chancellor Philip Hammond’s latest Budget. Susan Hutter provides a round-up and some useful tips.

Pensions Tax Relief

No changes have been announced to the Annual Allowance limits which remain at £40,000 for individuals earning below £150,000.

Those doctors with income of more than £150,000 will be subject to the allowance being tapered by £2 for every £1 of income earned above £150,000, with a minimum allowance available to those earning over £210,000 of £10,000.

The Lifetime Allowance limit will be increased to £1,030,000 – from the £1m first introduced in April 2016 – with effect from April 2018.