Services
Audit & Assurance
External, internal and joint venture audit services
Business Advisory
Management accounts, strategic planning, profit improvement, ESG
Corporate Finance
M&A advisory, selling a business, fundraising, valuations, due diligence
ESG
Baseline assessments, materiality assessments, carbon footprint and sustainability reporting
Hotel Accounting
Accounting function, automation, daily reconciliations and dashboards, accounts payable
Payroll & Employment
Payroll, global mobility, employee benefits, employment taxes
Private Clients & High Net Worth Individuals
Tax planning & compliance, tax residence and domicile, trust planning
Restructuring & Recovery
Business rescue, liquidations, administrations, insolvency, debt recovery
Tax
Corporate tax, customs duty, VAT, R&D, tax investigations, international tax
Virtual Finance
Bespoke service providing real-time information about your business performance
More from AAB
AAB PEOPLE
Full-service people consultancy – human resources, learning and development
AAB WEALTH
Financial planning, cash flow modelling, retirement planning
AAB Consulting
Business consultancy helping organisations with the challenge of change
Sectors
Business Services
Professional services, medical, recruitment and media
Construction & Property
Property developers, construction companies, housebuilders, landlords
Energy
Renewables, clean energy, energy producers, energy transition, exploration and production
Family Business
Specialist support for businesses owned/managed by families
Food & Drink
Food & drink producers, processors, importers, wholesalers and retailers
Industrial
Engineering, manufacturing, aerospace, automotive, shipping, distribution
Leisure, Retail and Hospitality
Fashion, entertainment, activity centres, hoteliers
Not For Profit
Charities, social housing, higher and further education institutions
Public Sector
Government, non-departmental public bodies, health boards, ALEOS
Technology
Software companies, tech start-ups, cybersecurity firms, and AI innovators.
About
AABout Us
Our story
Our Team
Meet the specialists
Careers
Join the AAB team
Diversity & Inclusion
Building a business where everyone feels they belong
Growing Sustainably - ESG
ESG – Our commitment to building a sustainable business
News
Latest news from across AAB Group
AABIE
AAB charitable initiative
AAB Wealth expands presence in Central Scotland with acquisition of Synergy Financial Planning
Insights
Blogs
Stay informed with cutting-edge news for business growth. Our experts offer industry insights and invaluable advice on accountancy and business strategies.
Case studies
Explore insightful case studies tailored to specific industries, offering invaluable lessons and strategies for success.
Webinars & Events
Engage with dynamic webinars and events tailored to your interests, offering valuable insights and networking opportunities.
ESG Diligence: The Key To Sustainable M&A Transactions
AAB / Blog / Temporary Pensions Tax Measures for NHS Staff
BLOG18th Dec 2019
Whilst we await the outcome of the Department of Health and Social Care’s consultation on proposals for senior NHS staff to have more control of their pension growth (as highlighted in our blog NHS Pensions – More Flexibility Required?), the Scottish Government will introduce an interim policy to help incentivise highly experienced staff impacted by the current pension legislation.
From 1 December 2019, NHS staff who can evidence that they are likely to exceed the £40,000 pension Annual Allowance during the 2019/20 tax year, and generate a tax charge as a result, will be able to withdraw from the NHS Pension Scheme. Instead they will receive the employer contributions as a basic pay enhancement.
These payments in lieu of pension contributions will be subject to tax and national insurance, however the temporary policy will provide NHS staff with an alternative option to restricting their hours due to impending tax charges.
NHS England have decided to take a slightly different approach, instead committing to pay individuals on retirement an amount equal to any 2019/20 annual allowance tax charge that has been settled through the ‘scheme pays’ facility.
Under the current ‘scheme pays’ rules, the individual’s pension benefits must be reduced where the scheme settles an annual allowance charge. However, this new stance will ensure individuals are fully compensated for the scheme pays reduction and that their pension benefits are not diminished by the 2019/20 charges.
Both policies will run until the end of the current tax year, when the political landscape should be clearer and a formal response to the original consultation is expected.
If you are affected by these changes, or would like further information, please contact Blair Hay (blair.hay@aab.uk) or your usual AAB contact.
Find out more about Blair and the Private Client Tax team.