Hi I complted my IVA last March 2014 and got my completion certificate in Dec 2014. Equity in finance managed to retrieve a PPI repayment and that went to my creditors. I was told tax would need to be paid on this which apparantly they would sort out for me. I was also told I may be entitled to a tax rebate? Has anyone else had a similar experience as I am now unsure of what to do. Thanks.
If there was statutory interest added that is treated as income for tax purposes. Not sure about the tax rebate bit.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The rebate would kick in depending upon your own income level and the tax rate applied by your IP.
If they paid at basic rate and your income was below about £10k you need not have paid tax and would be entitled to that back. Likewise if they paid at the higher rate and your income was below around £40 odd k you would be entitled to a portion back.
My lot said they would pay over tax due, direct to HMRC. They have never asked me for my tax details (gleaning them from my payslips seems likely to be too complicated for them!). I have never heard anything from HMRC on the subject and, in any event, have no idea of what any breakdown or dates might have been. As far as I am concerned I have never had any rebates !!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
