The new limit of £50,000 on pension contributions will hit doctors disproportionately hard as they are forced to pay extra advice fees, accountants say.
The Association of Independent Specialist Medical Accountants (AISMA) says the new pensions rules are "not fit for purpose for GPs" due to the additional administration they must complete. Full time GPs aged 50 and above, especially those who are buying additional pension years, are likely to exceed the annual allowance. This means they must receive an NHS Pensions Agency (NHSPA) valuation certificate between the end of this tax year and 6 October. The valuation certificate must then be used to adjust tax returns ready for the 31 January 2012 deadline. This is likely to require GPs...
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