I have been told that if there is no uk income, you can pay class 2 NI which is £180 per year. Apparently hmrc try to get you to pay class 3 but you do not have to. I also read that to do class 2 you may have to do a self assessment and put yourself down as self employed too get the class 2 NI. I am back in UK end of the month so will call hmrc to clarify and pay last years NI.
Polar Capital Technology.
Allocate a fair amount of time to this task. Maybe things have improved but when I last called them, about a year ago, it took about a week of calling every day to finally get through to speak to someone. If I remember right, I hit on the idea of calling first thing in the morning, and got through relatively quickly. They were very helpful once I'd finally made it through but it was quite a saga.
Just checked mine and same, have contributions from when I was working part time (but earning enough above the weekly minimum to pay NI)
If you ever need to speak to HMRC call at 8am on the dot
Thank you very much for this clear explanation. It is what I was thinking. When I got 'early release ' from a government agency which used the Local Government Pension Scheme, I was able to choose the lump sum / pension option. I went for min lump sum & max pension because at the time I was only in my mid 50s and was intending to work again part time and didn't need a big lump sum. I'm glad I did because the pension rose with inflation, unlike my salary. I'm now in another pension scheme and will have to make the lump sum / pension decision again in a few years when my priorities will be different (I quite fancy another hoe) and lifespan shorter.
This is a great example of why many of us need to take advice………much of what you say wouldn’t be applicable in my case due to the type of pension etc. It’s horrifically confusing and the potential cost of a ‘wrong’ decision could be very significant.
The 7 year thing doesn't apply below a certain amount (in the £300K band). Someone posted a link to the Martin Lewis web page that mentions this.
It is 35 years.
This is not true, many are under the transition rules, I had to have 50 years of full contributions to be able to receive the full SP, which started this year.
There is stuff on the HMRC website but it’s not super clear. https://www.gov.uk/pay-class-2-national-insurance/if-you-work-or-live-abroad#:~:text=You%20may%20be%20able%20to,country%20you're%20working%20in
I don’t think that’s right……..there are however several permitted ways of gifting outside of the 7 year rule
I should probably look it up....
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I’m using the simplest of all strategies to avoid any IHTSurvive 7 years post gift of cash and all is good. Even before that, what’s the worst that could happen, some IHT payable (tapered lower) on your estate. Never falling on your son to pay.
[Subject to @dazzer6666 vetting my post
