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03 February 2025
Should private clients pay additional NICs on a voluntary basis?
Should private clients pay additional NICs on a voluntary basis?
So why would one want to make NICs on a voluntary basis? In simple terms it can help ensure that a taxpayer protects their entitlement to the full UK state pension on retirement although voluntary contributions certainly wouldn’t be appropriate in all cases – eg where someone already has 35 years of NICs on their record and hence is already entitled to a full UK state pension on retirement.
So who could benefit from making voluntary contributions? In practice this could be relevant to those who have:
- been working overseas for a considerable time and have been outside the UK NIC net during this time eg because they weren’t entitled to an A1 certificate or a certificate of coverage during such employments; or
- been historically self-employed but with limited self-employment profits – profits which have...
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