The tapered annual allowance has been 'significantly increased' by Chancellor Rishi Sunak after it left senior NHS staff with hefty pension-related tax bills due to working extra shifts.
High earners were hit with tax penalties for breaching the tapered annual allowance which led consultants and GPs into refusing to take extra shifts as they would lose out financially. Sunak said in his Budget speech: "The pensions tax system is preventing doctors taking on more hours. Claire Trott: Dealing with the NHS pension dilemma "To significantly reduce the amount of people the tapered annual allowance affects, I am increasing the taper threshold by £90,000 removing anyone with income below £200,000. "Based on their vital work for the NHS that will take around 98% consult...
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