The Government said that as a result of the pensions tax measures announced today, an estimated 80 percent of NHS doctors will not receive a tax charge with respect to accruals under the 2015 NHS career average scheme.
However, ahead of the Budget, one expert has suggested the Government isn’t tackling the issues that matter to most over 50s through this announcement.
Leon Diamond, CEO of LiveMore Mortgages, said: “This ‘jam tomorrow’ tax break will offer little comfort to the majority of the 25.5 million people in the UK aged over 50, three quarters of whom say they feel unsupported by the Government and whose immediate concern is being able to keep their homes, put enough food on their tables or stay warm.
“The issue of rising prices is so severe that one in seven fear they will need to either sell or release equity from their homes to give them enough cash to live on.
“Others say they are worried that the worsening economy will make mortgage rate rises unmanageable, force them to put off their retirement date or prevent them from helping their children to get on the property ladder.
“Unfortunately, the Chancellor’s pension tax break helps to perpetuate the perception that the majority of over-50s have had it easier financially and are comfortably off.