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Your State Pension will be calculated entirely under the new State Pension rules.
You’ll usually need at least 10 qualifying years on your National Insurance record to get any State Pension.
You’ll need 35 qualifying years to get the full new State Pension.
You’ll get a proportion of the new State Pension if you have between 10 and 35 qualifying years.
Learn Change and Adapt ?????
I told HMRC when I started letting and they said I did not need to pay NICs. Maybe that was because my earnings from my first property would have been too low, but I (or rather my accountant) have filled in self-assesment forms since them and they haven't asked for any since.
As far as the state pension is concerned, I have 36 full years of contributions but some were contracted out. One more year would give me the maximum, but I am not certain it is worth it.
BTL is and investment just like share if its in your name so NI was never paid by Landlords
we are not and never have been a Business hence S24 Peter
We are a business and we are not. Sometimes we are just an investment. Sometimes we are an investment business.
Since 1963 most letting has been taxed as a business. Currently as far as HMRC is concerned letting both is and is not a business depending on which part of the tax law you are dealing with. There are at least 3 definitions of business in use by HMRC. One come from the EU and basically includes any economic activity but that is for VAT so doesn't apply to residential letting. The Ramsay case decision has a discusion of the meaning of business, and from that letting is a business if there is sufficient activity at least as far as incorporation relief is concerned.
I think as far as NI goes a special rule applies to people who run businesses involving land or property as well as to certain other jobs.
That rule seems to be
You have to pay Class 2 National Insurance if your profits are over £5,965 a year and what you do counts as running a business, for example if all the following apply:
All those apply to me, but I suspect lack of activity would get me off.
On the other hand it seems the above maybe outdated due to a change that was made in 2015
Lol peter well said
Difficult to answer: As the rules for NI contributions & state pension age etc etc keep changing: (I'm one of the lucky ones who just got state pension at 65... to go with my other pensions...)
So, the only correct answer is "Dunno": But there's loads of "experts" who will tell you different - usually based on current rules never changing....
Also be aware that (should things go wrong & the worst happen) some benefits you may only get if you've enuf recent NI contributions.
You old bugger x I have worked out when I get my oap pension it will pay my s24 tax in with one out with the other who would have thought it my pension paying BTL tax thanks dl
If you Google "how many years Ni do I need for a full pension?" it comes up with the DWP site that says 30 years.
Phew! Thanks Steve
The government site says
You’ll need 35 qualifying years to get the new full State Pension if you don’t have a National Insurance record before 6 April 2016.
You can check what you are entitled to here.