Founded in 1969 in London, over the past 50 years CRU has advised global…
National Insurance Contributions – how does it affect you as a UK expat?
National Insurance Contributions – how does it affect you as a UK expat?
Choosing to pay voluntary National Insurance Contributions (NIC) is a way of filling gaps in your social security record. This could improve your entitlement to the state pension scheme in retirement.
Why you should act now
In 2017 the UK government has announced the abolishment of Class 2 NIC to take place in April 2018. However, now the decision has been called off, thus making it a perfect time for you to pay out your contributions for the previous years. Whilst you do not have to pay National Insurance Contributions as an Expat, you may need to in order to protect your UK State Pension.
The UK State Pension is of course not the only retirement option, but it is best to have it in place, especially because you can claim it whether you remain an expat or go back and live in the UK.
You can check your NICs status at the Official UK Government Website. Alternatively, you can speak with a professional financial adviser to clarify your UK State Pension status or to see which retirement options available for you.
At St. James’s Place Wealth Management we offer personalised advice on financial, investment and tax planning, designed specifically for expats lifestyle goals and stages of life. Scan the QR code or click here to schedule a no-obligation consultation with a British financial adviser:
The information provided in this email is intended for information only and should not be relied upon as a basis for unilateral tax planning action.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
About St. James’s Place Wealth Management
The St. James’s Place Wealth Management Group is a FTSE 100 company with £109.3 Billion of client funds under management. The group was established in the UK in 1991 and expanded to Asia in 2014. Now, St. James’s Place is one of the largest wealth management companies serving the local and expatriate communities in Asia. With offices in Shanghai, Beijing, Shenzhen, Hong Kong and Singapore, our Partners have many years of experience delivering face-to-face wealth management advice to individuals, trustees and businesses to help them achieve their financial goals.
As well as addressing simple and straightforward issues such as insurance, we can help resolve more complex problems for clients, such as investing for growth, or income, or retirement planning.
Putting clients firmly at the center of everything we do is core to the St. James’s Place culture and enables us to run a genuinely client-focused business. The strength of our business is underpinned by satisfied clients, their referrals and the dedication of our unrivalled team of St. James’s Place Partners. We are personally committed to providing quality, bespoke advice and the very best client service to meet the ever-changing needs of our diverse client base.
The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in Shanghai, Beijing and Shenzhen represent St. James’s Place (Shanghai) Limited, St. James’s Place (Shanghai) Limited Beijing Branch and St. James’s Place (Shanghai) Limited Shenzhen Branch, which are part of the St. James’s Place Wealth Management Group and are Wholly Foreign Owned Enterprises (WFOEs). WFOE registration Nos. 91310000566573326L, 91110105MA017YPH7A and 91440300MA5ER5YL82. St. James’s Place Wealth Management Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 02627518.
Please note that due to local legislation we are unable to offer our financial planning services to nationals of the People’s Republic of China