A CHARTERED accountancy firm is holding an advice workshop for GPs who will be affected by tax changes to their pensions as a result of new guidelines.
From April, pension ‘lifetime allowance’ will be reduced from £1.5 million to £1.25 million, meaning that any general practitioners amassing a pension fund in excess of the new limit will be exposed to a tax charge of up to 55 per cent on assets over this level.
In anticipation of these changes, Carpenter Box, based in Crescent Road, Worthing, is holding a free workshop February 18, at the Ardington Hotel, Worthing.
Senior financial planning manager at Carpenter Box Wealth Management, who will be a guest speaker at the event, said: “Many GPs with final salary pensions will be affected by these changes in April.
“However, it’s not all gloom and doom, providing GPs take action before the new rules come into place.
“HMRC has recently announced some measures to help mitigate against these tax charges.”
He added: “We’ll be covering this and explaining what can be done to mitigate any additional tax, where possible, at the workshop.”
Changes being introduced will also affect annual allowances, with the maximum annual contribution to pensions falling from £50,000 to £40,000.
The interactive workshop will start at 6.30pm and attendees will have plenty of opportunity to ask questions.
A number of guest speakers will be on hand to give advice.
Further information on the event can be obtained by calling 01903 234094, e-mailing firstname.lastname@example.org
Alternatively, visit www.carpenterbox.com and click through to the ‘events’ section.