I have in September received 18 free shares from my employer which I had to pay tax on which I was happy to pay for out of my own allowance, I am not able to (even if I wanted to) cash these shares in for 2 years, question is how do i stand with this with regard to my IVA?
Shares if realised would be worth £600 at current value.
I asked a similar question a couple of months ago here as I have over 500 Royal Mail 'Colleague Shares' as an employee of RM - probably worth over £1000 now but cannot be encashed until next July. Both replies to my question informed me that it would be classed as a windfall and that I would have to hand over all of the value of these shares when the time came to sell them!
Sounds about right Pelder but this brings me onto another question! I have looked at my proposal & Chairman's report & neither gives any information on either bonuses or windfalls which I do find strange, I do & am happy to is pay over half of everything extra I earn but this is a bit different.
Am I right to assume that all this stuff should be in the proposal & chairman's report? playing devil's advocate here!
Had another read & found the "after acquired asset" clause which states any asset or windfall over £500 will go to the value of the IVA. so there you go!
I have looked through my reams of IVA paperwork too Foxy but there is no mention of windfalls - not even in the 'after acquired assets' section! Still - it should keep the creditors happy to pay up.
The link to my question answered back in October is below if you want to look:
