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State Pension Entitlements – check now!


The state pension is clearly a worthwhile thing to have, particularly for the self employed who will receive a pension through the new ‘fl at rate’ pension. However, there have been numerous changes to the qualifi cation criteria over recent years and now may be a good time to check your entitlement.


One thing which is worth bearing in mind is that it is the individual’s obligation to keep track of their own entitlement and ensure that it is correct, although most people do not appreciate that. Keeping track of this over a working life is diffi cult but rectifying problems with the state pension at the point of retirement can be even more diffi cult, so a quick check of your position once every four or fi ve years is time well spent.


Are you or have you been self employed? A recent case lays out some of the historic problems with the state pension.


The taxpayer was both


employed and self employed between 1965 and 2013 when he retired. He was dissatisfi ed with his state pension on retirement and queried his NIC record. As a result he was sent a full breakdown of the NIC paid during his career. He queried a number of matters on that breakdown, including the periods of nil payment in 1993/94 to 1996/97. The taxpayer appealed his NIC record from 1965 to 2013, on various grounds including: • it was the obligation of HMRC to send him statements showing NIC due


• he was submitting income tax returns for the same period and the Inland Revenue and National Insurance Contributions Agency must have shared the information.


20


The Tribunal, in summary, held that the onus was on the taxpayer to have sorted things out during his working life and that he had limited ability to do anything at the point of retirement.


Potential Child Benefi t trap Child Benefi t can pay a parent £20.70 a week for the fi rst child and £13.70 a week for each additional child. However if a person’s (or partner’s) income exceeds £60,000, then all of the Child Benefi t will need to be repaid through an increase in tax liabilities of the higher earner.


To avoid this,


aff ected persons can elect not to receive the Child Benefi t in the fi rst place. However this may mean for some ‘stay at home’ parents that they miss out on accruing entitlement to state pension.


The


best advice therefore is to fi ll in the Child Benefi t form (it is available as an online form – search ‘child benefi t form’ on the internet). The government also recommends completing the form but the detail is rather hidden in the eight pages of notes which are available with the online form!


The ability to check your position has improved markedly with the advent of the internet and your state pension can initially be checked at: www.gov.uk/check-state-pension.


So don’t delay – get a pension forecast and if you believe it is incorrect please get in touch with us and we can consider your options.


Kindly provided by A9 Partnership Ltd


To advertise in thewire t. 07720 429 613 e. fi ona@thewireweb.co.uk


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