Expecting a small tax rebate

[flowerpot]

Hi there,

Can anyone please answer my query with regards to a small tax rebate I've been waiting on for months.

My IVA was agreed last week, and I hope to get a rebate of around £320 shortly which was for the tax year 05/06.

Must I input any of this money into the IVA?

Kind regards
flowerpot

[MelanieGiles]

That will be a windfall and should be paid to your IP, unless you have the £500 deminimis provision in which case you can keep it.

[ianmillington]

Depends what your IVA proposal says, really. It's probably a windfall so if there is a de minimus of £500 like there often is you should notify the Supervisor just to cover yourself.

2 points though:

1. Is HMRC aware of the IVA? If so, they might just pay the Supervisor direct.

2. I'm a little concerned about your statement that you've been waiting on the rebate for months. Was this pre-IVA? If so, was it shown in the proposal or mentioned to the IP during the pre-proposal discussions? If not I would imagine that in all the confusion you simply forgot about it at the time? If so, I think you should cover your position and notify the Supervisor of the oversight - you will appreciate that professionally I cannot advise you to simply keep schtumm[:)]

Ian