Autumn statement: More GPs to pay top rate of tax

18th November 2022 by NASGP

Autumn statement: More GPs to pay top rate of tax

More high-earning GPs will pay top tax rates after Jeremy Hunt lowered the threshold from £150,000 to £125,140 during the autumn statement, Pulse reports.

In September The Times reported that across the professional average pay was £112,000 a year, putting many GPs at risk of higher tax bills.

High-earners will pay £1,200 a year more, Hunt told MPs: “Asking more from those who have more means that the first difficult decision I take on tax is to reduce the threshold at which the 45p rate becomes payable from 150,000 pounds to 125,140 pounds.

“Those earning 150,000 pounds or more will pay just over 1,200 pounds more a year.”

Hunt also used the Autumn Statement to announce up to £3.3 billion of funding for the NHS in England in 2024-25.

Dr Richard Fieldhouse, NASGP chair, said: “The extra £3.3bn boost to the NHS’s budget over the next few years is purely to offset inflation. It’s not additional funding that will help move the NHS forward.

“The NHS’s present predicament has partly been fuelled by the pensions cap that we reported on in September, leading to doctors leaving the NHS in order to avoid a significant tax burden relating to their NHS pensions.

“Last Thursday’s announcement will only add another reason for more doctors to work fewer hours.”

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