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Summer 2015 Budget Update

7th August 2015 by Liz Densley

Summer 2015 Budget Update

By the time this is published, much will have been written about the planned Budget changes – but here is a brief summary of some of the parts that will affect sessional GPs most.

Pension tax relief changes for high earners

There will be further restrictions on tax relief on pension contributions, starting when net taxable income (after deducting pension contributions) exceeds £110,000. The rules, as usual, are complex and involve calculating pension inputs – that is, the deemed pension contributions based on the increase in pension earned from one year to the next. When the net income plus deemed pension contributions exceeds £150,000, then the £40,000 annual allowance is reduced, £1 for every £2 of excess income until it is reduced to £10,000 at earnings of £210,000.

This will mean that more doctors will fall into the annual allowance charge net and will need to make the decision whether to pay the additional tax or to elect for the scheme to pay it. Expert pensions’ advice is needed to help make this decision.

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"NASGP came along way before people understood the need for sessional and small group practices to be valued by the system. On joining as a single-handed GP many years ago, I was welcomed into the team by initially wrote a few blogs for the organisation, which followed my understanding of yet another NHS reorganisation. It was only due to the vision and drive of Richard, your founder, that NASGP survived the large practice dominance. The inception of being a portal for the needs of GP locums was a masterstroke. Those who knew about it quickly realised the true meaning of networking. So here we are many years down the line and in footballing terminology NASGP now play in the Premier League.
"Well done to all as this is a just reward for the loyalty, dedication and hard work of your team. I have fond memories of working with NASGP and would urge every practice, large or small, to join this organisation, there are only gains and no losses."

Dr Tony Hall-Jones, retired GP

Dr Tony Hall-Jones, retired GP

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