Buying Back Years to Claim a UK Pension and Capital Acquisitions Tax : Colm Moore’s Contribution to the Irish Independent

If you had ever worked in the United Kingdom, but haven’t worked the required amount of time to reach the minimum 10 years on your national insurance record to receive the minimum UK state pension, you can make voluntary contributions to increased your record.

Managing Director of Moore Wealth Management, Colm Moore recently gave his expert advice on Ireland’s Capital Acquisitions Tax and claiming your UK State Pension in his latest contribution to the Irish Independent.

Q. Are there any downsides to buying back pension years so I can claim a UK pension?

There are no negatives to this opportunity and there is no better return on investment available than in purchasing extra UK pension years. As buying back pensions years entitles you to an additional weekly pension that is assessed as part of your overall income, with the first €36,000 of this income being tax-free for a couple with one spouse aged over 65.

Q. We want to give our son in Belgium €70k. Will he be liable for tax on this?

The latest article from the Irish Independent answers how you can make the voluntary contributions and the benefits of buying back years to add onto your record.

Colm provides some knowledgeable and expert advice on the matter, making sure you don’t go without reaping the benefits of your contributions.

Read more on Colm Moore’s expert insights on the UK state pension and the Capital Acquisition Tax in the Irish Independent today.

Learn more about our UK State Pension services here at Moore Wealth Management and talk to our team of Certified Financial Planners today, free of obligation or commitment here.