davidBLancs
Joined: 10/25/2022
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RE: Income tax on savings interest from an executor savings account
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Class 3 Vol NI Query for the Year in which you reach State Pension age
With an impending New State Pension age of 5.3.24 (age 66) this is right near the end of the current financial year (2023/24) in which no employment NI will be made. There was a shortfall in projected State Pension due to earlier contracting out, the shortfall is now much reduced by buying blank NI years via Class 3 Voluntary NI contributions since April 2016 for the years 2016/17 to 2022/23. However there seems to be a lack of definitive advice on whether 2023/24 could be bought as another Class 3 Voluntary year. One source (not an HMRC one) says “The tax year in which you reach State Pension age can’t be used as a qualifying year for your State Pension”. If correct I cannot see anything explaining this properly in the relevant HMRC website areas. Also if so, does this rule out making any attempt to buy back 2023/24 as an NI year and therefore the remaining shortfall is impossible to reduce? Please advise asap