Uk Government has given taxpayers an extension on the voluntary National Insurance deadline to boost their State Pension entitlements.
The deadline has been pushed back from 5th April 2023 to 31st July 2023 following concerns voiced by members of the public.
UK Government and HM Revenue and Customs (HMRC) has urged taxpayers to take advantage of the extension and not miss out on the opportunity to increase their retirement income.
Taxpayers with incomplete years in their National Insurance record from April 2006 onwards now have additional time to decide whether to fill gaps to boost their State Pension.
As part of the transitional arrangements to the new State Pension, taxpayers have been allowed to make voluntary contributions to incomplete years in their National Insurance record between April 2006 and April 2016, to increase the amount they receive when they retire.
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After an increase in customer contact, the government has extended the deadline to ensure people have sufficient time to make contributions.
“We’ve listened to concerned members of the public and have acted. We recognise how important State Pensions are for retired individuals, which is why we are giving people more time to fill any gaps in their National Insurance record to help bolster their entitlement,” said Victoria Atkins, The Financial Secretary to the Treasury.
Taxpayers with incomplete years in their National Insurance records can boost their retirement income if they make voluntary payments to top up any incomplete or missing years.
Eligible taxpayers can check their National Insurance record, obtain a State Pension forecast, determine if a voluntary National Insurance contribution would benefit them and their pension, and pay via GOV.UK.
Taxpayers can check their National Insurance record through the HMRC app or Personal Tax Account.
The voluntary National Insurance contributions deadline was initially set for 5th April 2023 but has been extended to allow taxpayers more time to fill gaps in their National Insurance record.
Payments made by 31st July 2023 will be made at the lower 2022 to 2023 tax year rates.