Thread: Is it worth paying back National Insurance contributions

^Except for medical.

..... and assuming that the interest rate stays at or around 7.7%


maybe invest in some anal lube futures as a fallback measure.

Originally Posted by cyrille

^Except for medical.

They've started building a modern new hospital in town...

I also got my $1.2M USD medical cover insurance with evacuation to Bangers, (probably not much use if I get 95% squashed by a bus, but better than nothing).

Taxexile, interest rates have been stable for yonks in Laos. That's the Lao Kip rate, bit less if USD or THB.

7.7% on a currency that devaluates by 10% a year, not sure you are winning here Simon

Originally Posted by Seekingasylum

If you have a minimum of 10 years of contributions then you will have a pension albeit one that equals 10/35ths of the current allowance assuming your NI contributions were not at the reduced rate ( i.e if you were in the public sector ). As I understood it you can only buy extra years for those you missed as long as they are for periods within the preceding six years of the date on which you are buying them.

Did I pay 40% tax for 15 years for no reason or would my NI have been pro rata?

Originally Posted by thaiguzzi

Correctomondo.
Which is what i said in my post above #55, which appears nobody paid a blind bit of attention to.
Tough titty.
Last S I X years, 6 YEARS folks.

https://www.gov.uk/voluntary-nationa...ions/deadlines

Quote
You can sometimes pay for gaps from more than 6 years ago, depending on your age.

You’re a man born before 6 April 1950 or a woman born before 6 October 1952
You have 6 years after you reach State Pension age to increase your state pension if you’re a:

man born between 6 April 1945 and 5 April 1950
woman born between 6 April 1950 and 5 October 1952
Example

You have until 30 June 2020 to pay extra voluntary contributions if you reached State Pension Age on 1 July 2014.

You’re a man born after 5 April 1951 or a woman born after 5 April 1953
You have until 5 April 2023 to pay voluntary contributions to make up for gaps between April 2006 and April 2016.

Unquote

I have been informed by HMRC letter that I can back pay contributions for the years 2006 to 2018/19. I assume because I am a man born after 5 April 1951.

Originally Posted by Dragonfly

7.7% on a currency that devaluates by 10% a year, not sure you are winning here Simon

In 2014, my $1 bought 8,000 Lao Kip.

Now it buys 8,800 Lao Kip.

For someone who is paid from abroad in USD, and intends to remain in the country until I drop dead, saving in a Lao kip account - I'm not sure what the problem is....

Good stuff Simon.

Originally Posted by Simon43

I'm not sure what the problem is....

Isn't it perfectly clear?

You're very happy and content with your life.


For some reason this makes some people, and quite a few posters on here, absolutely furious.

^^
Your online employment has been cleared with the relevant Lao authorities, I assume.

(Interested, not 'furious' )

Originally Posted by Luigi

Good stuff Simon.



Isn't it perfectly clear?

You're very happy and content with your life.


For some reason this makes some people, and quite a few posters on here, absolutely furious.

LOL. This sums up a lot of the board interactions in a nutshell.

Originally Posted by cyrille

^^
Your online employment has been cleared with the relevant Lao authorities, I assume.

(Interested, not 'furious' )

Yes! I have a business visa AND work permit for that! My WP allows me to work online, but not to have a B&M business - I need to set up a company etc to do that.

Good for you.

Thanks.

So, Lao ahead of Thailand then.

Originally Posted by Bettyboo

Did I pay 40% tax for 15 years for no reason or would my NI have been pro rata?

Each year has to be a qualifying year in that you must have earned a minimum annual income from which contributions have been deducted for it to count. I'm not sure what it is now, it may be around the £7,000 mark. How much you earned in excess and the amount of tax paid is irrelevant - you either have a contributory year or you haven't. Accruing years in excess of the maximum 35 years of contributions has no effect on your SPA.