Is tax rebate classed as earnings or windfall ?

[dazza943]

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

[Broke of London]

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.

[Lord Soth]

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.

[dazza943]

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

[Shining]

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

[MelanieGiles]

This should be treated as a windfall I am afraid.