Labour said the chancellor’s decision to unveil generous pensions allowances in the Budget was a tax cut for “the richest 1 per cent”.
The chancellor had been expected to increase the lifetime pension allowance from £1m in a bid to encourage the over-50s to work for longer and reverse the early retirement trend. But in a surprise announcement, Mr Hunt said the lifetime allowance – dubbed the “doctors’ tax” – would be abolished completely.
The chancellor said he had “listened to the concerns” of senior NHS doctors who say pension tax charges are “making them leave the NHS”. The Treasury said it would mean an extra 15,000 people in the workforce by 2028, but could not say how many of them would be medics.
“I do not want any doctor to retire early because of the way pension taxes work,” said Mr Hunt. “Some have also asked me to increase the lifetime allowance ... I have decided not to do that. Instead I will go further and abolish the lifetime allowance altogether.”
Bu hikaye The Independent dergisinin March 16, 2023 sayısından alınmıştır.
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Bu hikaye The Independent dergisinin March 16, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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