State Pension Archives | Taxfile

Boost State Pension by Plugging Gaps in National Insurance

Mark — Fri, 21 Apr 2023 09:24:04 +0000

https://youtu.be/ZGXGKaNBVZg

^{IMPORTANT: the video mentions the original deadline in April 2023. This has now been extended to 31 July 2023.}

Do you have gaps in your National Insurance record? If so, it could mean that you could get a lower State Pension when you reach state retirement age, particularly if you are aged between approximately 45 and 70 at the moment. Generally speaking, you need 10 years of contributions for a basic state pension and around 30 to 35 years for a full state pension. It does vary by circumstance though and, even with gaps, some people might have enough qualifying years for the full state pension already.

Urgently Check Whether You Have National Insurance Gaps

Our advice is to urgently check whether you do have any gaps in your National Insurance record. If so, in many cases it would be wise to make some one-off payments to plug any gaps for the years 2006 to 2016. However, there is limited time to do so despite the deadline for this opportunity having been extended from early April to the end of July 2023 [UPDATE: This has now been extended again to 5th April 2025]. Thereafter, the chance to fix all 11 years from 2006 to 2016 will be gone forever.More information follows, including how to check, how to top up and more.

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(Time Sensitive): Tax Year End Changes for Pension Allowances

Mark — Wed, 19 Feb 2014 14:30:58 +0000

The start of the new Tax Year on 6 April 2014 – just 6½ weeks away at time of writing – will see two very important changes in relation to pensions allowances. The first change will affect the ‘Annual Allowance’ (or ‘AA’) which is the annual limit on pension savings attracting tax relief. This limit […]

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Taxfile-Jobseeker’s Allowance

Taxfile — Sat, 28 Mar 2009 12:30:00 +0000

Unemployment figures are now showing that just over 2 million people in the UK are out of work, this unfortunately means that when you are out of work you are not earning. Fortunately there is an allowance where if you are unemployed and available for work, you could qualify for something called Jobseeker’s Allowance depending […]

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2008 Pre-Budget Report

Taxfile — Sat, 29 Nov 2008 18:38:00 +0000

In his 2008 Pre-Budget Report speech on 24 November, the Chancellor has set out his actions for supporting people through the difficult times of the current global financial crisis. Among the most important changes to do with tax, VAT and benefits, we can mention the following: •Personal tax allowance increases to £6475, and the basic […]

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April’s tax reforms

Taxfile — Sun, 06 Apr 2008 08:41:00 +0000

One of the most significant changes in the tax year 08/09 is the adjustment to income tax bands. The 10% band is being scrapped and the 22% band is being replaced by a 20% band. The income above £41,435 is taxed at 40 %. There will also be changes to the amount of national insurance […]

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What is the basic state pension?

Taxfile — Sat, 15 Mar 2008 10:12:00 +0000

The basic State Pension is money you may be able to get when you reach State Pension age. The amount you receive depends on the qualifying years you have built through your National Insurance contributions. There are two circumstances to be considered: If you reach State Pension age before 6 April 2010, you normally need […]

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