If you're covering what a change of government might mean for medical professionals, please see the following comment from Alec Collie, Head of Medical at Wesleyan Financial Services:
“A new government means there could be some changes when it comes to tax and savings policy. But this might not come immediately. Rachel Reeves has ruled out an emergency budget, so we may need to wait for the Autumn Budget, and probably September at the earliest, before the first concrete announcements are made.
“The pre-election manifesto gives us some flavour of what to expect. Labour has pledged that things like income tax, VAT and National Insurance won’t change. However, it may need to have some ability to raise taxes in order to deliver its other commitments. So, there’s a chance we could see changes to wealth-based taxes such as Capital Gains Tax (CGT) or Inheritance Tax (IHT).
“While Labour backtracked on plans to reinstate the Lifetime Allowance before the election – something that we celebrated as a real win for financial planning – it still plans to review the pensions system.
“We don’t currently have any detail on what this could involve. Our view is that if the government is going to pursue any pension reform, it must avoid making small tweaks and instead focus on fundamental changes that deliver simplification. Continuing to tinker with pension policy risks adding more confusion to any already complex regime at a time when doctors are already grappling with various pension scheme changes. A big picture, root-and-branch review is our best chance of delivering fair outcomes, and making pension saving something that people actually want to engage with.”
For more comments from Wesleyan, contact our PR Manager, Nicola Pledger.