HMRC has responded to a query about tax refunds for individuals who have overpaid National Insurance contributions towards their state pension.
Typically, 35 years of National Insurance contributions are required to receive the full new state pension, but many workers end up paying this tax for longer periods throughout their careers.
A taxpayer recently asked HMRC: "I know that to get my full state pension I need to pay up to 35 years of National insurance contributions which I have done.
I now hear that if you have paid over 40 years of contributions there is also a tax refund of some kind or a reduction in National insurance you pay?" In response, HMRC laid down the rules, stating: "The only reason you may be entitled to a tax refund would be if the level of your earnings is below the tax-free personal allowance or if an incorrect tax code has been operated.
Read more on manchestereveningnews.co.uk
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