Class 3 voluntary contributions

Oliver1191

Hi all,

If you make class 3 voluntary contributions into your state pension, can you claim tax relief?

If so how?

Thank you

JGB1955

No.... they're NI contributions, not tax contributions.

Oliver1191

So no income tax relief?

That's a shame...

Dazed_and_confused

Still one of the best investments money can buy if you are getting the full benefit (£4.81/week) from a year's contribution of c£750.

Silvertabby

Dazed_and_confused wrote: »

Still one of the best investments money can buy if you are getting the full benefit (£4.81/week) from a year's contribution of c£750.

Still great value even if you will be a tax payer in retirement. I'm going for it - from each one off payment of £750 I'll get £3.85 (index linked) per week for the rest of my life.

marlot

Silvertabby wrote: »

Still great value even if you will be a tax payer in retirement. I'm going for it - from each one off payment of £750 I'll get £3.85 (index linked) per week for the rest of my life.

I agree it's great value, but I'm delaying buying mine until the last moment in case it becomes means tested.

billn

marlot wrote: »

I agree it's great value, but I'm delaying buying mine until the last moment in case it becomes means tested.

Or they move the goalposts again!

nigelbb

Dazed_and_confused wrote: »

Still one of the best investments money can buy if you are getting the full benefit (£4.81/week) from a year's contribution of c£750.

Even better value if you are eligible to pay Class 2 contributions at less than £150 for a year e.g. if you were working abroad.

nigelbb

marlot wrote: »

I agree it's great value, but I'm delaying buying mine until the last moment in case it becomes means tested.

You do realise that unless you are already past State Pension age that you are limited to purchasing only the past six years.

What on earth do you imagine would be means tested? The pension or the NI contributions? Neither case is going to happen.

Dazed_and_confused

Even better value if you are eligible to pay Class 2 contributions at less than £150 for a year e.g. if you were working abroad.

Or are self employed and profit is £0 after taking account of the trading allowance!

p00hsticks

nigelbb wrote: »

You do realise that unless you are already past State Pension age that you are limited to purchasing only the past six years.

Until 2023, you can now go back to 2006 - I think they extended the deadlines as part of the introduction of the new State Pension

https://www.gov.uk/voluntary-national-insurance-contributions/deadlines