Are you a medical professional owed an overpaid tax rebate? Any doctor, dentist or medic affected by the McCloud Remedy may have potentially overpaid annual allowance and lifetime allowance charges. Over 1 million members of the NHS pension scheme will be affected by the Mcloud Remedy. It’s not often I praise the HMRC, but this is one of those rare occasions. The HMRC have launched a calculator to calculate incorrect tax charges if you were affected by the McCloud Remedy.
Could you be affected by the McCloud Remedy?
The McCloud Remedy will affect anyone with NHS pension scheme service on or before 31st March 2012. This includes those who had left within 5 years of that date who were eligible to rejoin the pension scheme, those who have retired including ill health retirees and spouses/dependents in receipt of a pension.
You may feel this task is too vast and not know where to start. As discussed in recent articles we are here to offer guidance and help. However, some of you may find this straightforward enough so you won’t need to engage a specialist for assistance. Below in 4 simple steps, we explain how to use the new HMRC calculator.
