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Posted: Sat Feb 21, 2015 9:51 pm
by vix71
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.
Posted: Sun Feb 22, 2015 9:44 am
by lifenoteasy
If there was statutory interest added that is treated as income for tax purposes. Not sure about the tax rebate bit.
Posted: Sun Feb 22, 2015 10:21 am
by Foggy
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 !!