Business and financial
a brighter future Giving dentists
M
artin Aitken Financial Services Ltd is a firm of Inde-
pendent Financial Advisers offering specialist advice to members of the healthcare professions, especially dentists. There has never been a
more important time to seek independent financial advice if you are a dentist, associate or an employer in the dental profession. Pension legislation is contin- ually changing, with the next
set of changes due to impact on 6 April 20ı4, relating specifi- cally to the Annual Allowance and Lifetime Allowance. The Annual Allowance shows
how much can be contributed to a pension scheme in any one year and if your contributions exceed the limit, you are in for a nasty shock, in the form of an excess tax charge at your highest marginal rate – this could be as much as 45 per cent. Currently, you can contribute
up to £50,000 and this is due to reduce to £40,000 from next April. You can also look back
at what has been paid in the previous three years to deter- mine if there is scope to make a larger contribution by carrying forward any unused relief. For a member of a defined benefit scheme (SPPA) the calcula- tion is complex in arriving at whether or not the limit has been breached so it’s important to take professional advice. The Lifetime Allowance
shows the maximum amount which can be held within a pension environment, currently £ı.5 million and reducing to £ı.25m from next April. The
calculation to determine how much of this allowance has been used is by no means straightforward and again, take professional advice to see if you are close, at the limit or indeed likely to breach it.
®
Martin Aitken Financial Services (MAFS) offers specialist financial advice for individuals and businesses. Phone 0141 272 0000 or email
mafs@maco.co.uk MAFS Limited is authorised and regulated by the Financial Conduct Authority.
Scottish Dental magazine 77
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