National Insurance Credits meaning

In this issue: Spring Budget 2024 Probate Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Digital assets and cryptoassets Charity and philanthropy Updated HMRC guidance: How the tax system operates for charities Contentious trusts and estates International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Spring Budget 2024 On Wednesday, 6 March 2024, the Chancellor of the Exchequer, Jeremy Hunt, presented the government’s Spring Budget. For commentary on consultations and statements pertinent to Private Client practitioners, please see News Analyses: Spring Budget 2024—Private Client analysis and Video analysis—Spring Budget 2024: Key Private Client announcements. For coverage of corporate tax matters, consult News Analyses: Spring Budget 2024—Tax analysis and Video...

In this issue: VAT International Key developments Individuals and income tax Taxes management and litigation Finance Employment taxes Companies and corporation tax Energy and environment Indirect taxes—gambling and insurance premium tax (IPT) LexTalk®Tax: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information VAT Court of Appeal holds that government funding of educational courses constituted consideration for supplies of services for VAT purposes (HMRC v Colchester Institute Corporation) As outlined below, in HMRC v Colchester Institute Corporation [2026] EWCA Civ 363, the Court of Appeal determined that government funding paid to Colchester Institute Corporation (CIC) for the delivery of free courses amounted to third‑party consideration for those supplies. The court concluded that both the language of the funding agreements and the basis on which the funding was calculated evidenced a direct link between the payments and the courses....

On 26 November 2025, Rachel Reeves, the Chancellor of the Exchequer, presented the Labour administration’s second Budget, widely referred to simply as Budget 2025. On the same day, the Office for Budget Responsibility (OBR) set out its economic and fiscal outlook for the UK. Proceedings opened poorly, and chaotically, with an OBR forecast leaking amidst a slew of prior government-led briefings and the release of a frustratingly static index of ‘Budget 2025 tax related documents’ to which hyperlinks were not inserted until close to 8pm, together with a piecemeal, stop‑start publication of tax information across scattered web pages, sending readers on a fruitless treasure hunt for clarity or coherence and with no appearance whatsoever of the Overview of Tax Legislation and Rates (OOTLAR). Headline measures comprised, among other items, extending, for another three years to April 2031, the existing personal allowance and income tax bands for taxpayers, and increasing income tax rates applied to property, savings and dividend receipts, as well as imposing employer and employee National Insurance contributions (NICs)...

Brexit impact The UK ceased to be an EU Member State on exit day, 31 January 2020. Under the Withdrawal Agreement, the state pension and benefit rights of UK nationals residing in the EU, European Economic Area (EEA) or Switzerland are protected. See: Benefits and pensions for UK nationals in the EU, EEA or Switzerland. Likewise, information on the entitlements of EEA and Swiss citizens to UK benefits and state pensions is set out at: Benefits and pensions for EEA and Swiss citizens in the UK. State pensions A state retirement pension depends on an individual’s National Insurance (NI) contribution record and may consist of up to three elements: the basic old age pension the State Second Pension (S2P—formerly the State Earnings Related Pension Scheme, SERPS) the graduated pension Payments are generally made gross, with tax collected through Pay As You Earn (PAYE) against a person’s other income, such as an occupational or private pension. Income tax can also...

Core business tax resources These principal tax resources offer practical commentary, legislation, rules and guidance for tax lawyers in private practice or in‑house. Note: access to the titles below requires the appropriate subscription(s)... Yellow Tax Handbook Provides the consolidated, annotated text of all legislation and official materials on income tax, capital gains tax, corporation tax, National Insurance contributions (NICs), tax credits, petroleum revenue tax and inheritance tax, with references to Simon’s Taxes and HMRC Manuals, where relevant. For lawyers and tax practitioners seeking the underlying legislation on direct taxes and wishing to research guidance on a particular section of direct tax law... Orange Tax Handbook Provides the consolidated, annotated text of all legislation and official material covering VAT, stamp and transfer taxes, insurance premium tax, soft drinks industry levy, plastic packaging tax, landfill tax, aggregates levy and climate change levy. The material also includes references to De Voil Indirect Tax Service and HMRC Manuals, where relevant. For...

If an accident has caused a claimant to lose entitlement to the state pension, there is, at first glance, a possible claim for that loss. Yet, to judge whether a claim is sustainable, the practitioner must confirm that a shortfall exists and, if so, pinpoint how the entitlement was lost... How does a person qualify for the state pension? To qualify for the state pension, a person must: have paid, or been credited with, National Insurance contributions have reached the state pension age The new state pension The label ‘new state pension’ is not merely a convenient phrase. While it is hardly ‘new’, the term matters because it separates the scheme from the earlier long-standing system. Anyone reaching state pension age on or after 6 April 2016 must claim the new state pension. Confusingly, however, the individual’s National Insurance record before 6 April 2016 is used to calculate what is known as ‘the starting amount’...