Treasury must act to avert huge tax bills for GPs, warn medical accountants

The Association of Independent Specialist Medical Accountants (AISMA) has written to the Treasury asking it to take action to prevent thousands of GPs from facing punitive tax charges as a consequence of the steep rise in inflation.

In its letter to Lucy Frazer, financial secretary to the Treasury, the AISMA explains how the use of different figures for the consumer price index (CPI) will have a profound impact on annual allowance charges for GPs’ pensions.1

In the 2022-23 tax year HM Revenue and Customs will use the lower September 2021 figure of 3.1%, while NHS Pensions will use the September 2022 figure—expected to …