www.iva.co.uk

hi all another tax rebate question

Got a rebate of 558

is this classed as earnings or a windfall.

The rebate is durung the period since the iva has been active.

My winfall clause states any windfall recieved over 500 has to be declared. Does this mean i can keep up to 500

Any help would be appriciated

Many thanks daz

Hi, you should speak to your ip. I would think this will need to be offered to creditors because had you been taxed correctly this additional money would have formed part of your monthly payment.

I would class this as earnings but its your IP who will decide (and if accepted as earnings will be subject to your IVA rules re overtime). If classed as a windfall, you may lose all of it.

Thanks for the replies. After looking at the rebate form again i realised that its for a tax year before the IVA was set up. Sorry for the confusion.

Does this make any difference to wether it should all be paid to iva or partly?

Thanks Daz

Hi Daz, I'm not sure on this one but will keep it bumped up for one of our experts who work in the debt industry to answer. x

This should be treated as a windfall I am afraid.