Posted: July 16, 2020
The scheme pays election deadline for the 2018/19 tax year has been extended from 31 July 2020 to 31 October 2020. This will give Doctors a little more time to plan and work out any potential liabilities. If you think you may be susceptible to a pensions tax charge for the 2018/19 year and intend to make use of the scheme pays election, you must ensure that you do not retire and start drawing your pension before sending in the election. Once in receipt of your pension, scheme pays elections will not be accepted.
If you need any assistance with annual allowance pensions tax charges, please do not hesitate to get in touch with Gemma Jordan or Guy Vine who will be happy to help: