In laymans terms what is the difference between a windfall and a one off payment ?

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Kirsty.cr

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Post by Kirsty.cr » Tue May 13, 2014 6:24 pm
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Hi can someone pls explain in lamon terms the difference between a windfall and a one off payment. If you have to pay tax on the amount you receive is this not classed as a windfall. Thank you
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Shining

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Post by Shining » Tue May 13, 2014 6:33 pm
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Hoping one of our experts and maybe Foggy can explain in laymans terms. Sorry I'm not much help but will keep it bumped up for you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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Foggy

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Post by Foggy » Tue May 13, 2014 6:59 pm
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Hi. In basic terms a windfall is unearned ( not related to work), like an inheritance, lottery win or insurance payout.

Anything work related, like overtime or bonus payment falls under the 50/50 provisions.

Paying tax on the money does not, in itself, affect it's definition.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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