www.iva.co.uk

Hello
I have just received my weekly wage slip to find out I have been given a tax rebate. My IVA was approved on 1 November 2012 with payments starting this month. My proposal states that any windfall over £500.00 is classed as an "after acquired asset". Does this mean that I would need to pay all the tax rebate into my IVA?

Hi and welcome to the forum.

It depends on what is says in your paperwork and how much you are due to receive.

Speak to your IP about this as they are best placed to advise.

Hi and welcome from me too. I agree speak to your IP about this to gain case specific advice. Nice to get a rebate though and hope you get to retain some. x

It sounds like a windfall to me but your own IP will be able to give you correct advice with all the facts.

If it's a tax rebate from overpayment of tax, how can this be classed as a windfall?

Because a windfall is classed as any money you come into that is unexpected, if you hadn't have paid as much tax in the first place, you would have had extra disposable income so the iva payment would have been higher anyway

Think Lems definition is spot on....but we all know there are some IP's that treat things differently. Best thing is send the payslip in, let them decipher it and advise how much you have to pay then go from there.

If your basic salary was calculated correctly, then any money due from the tax rebate is probably going to be treated as a windfall - especially if it relates to a period prior to the acceptance of your IVA which is probably the case in your own case.

if you get tax rebate before creditors meeting what happens then

If you are talking about receiving the rebate during the period between the meeting being called and held, the money should be held until the meeting and your IPs advice sought on the treatment of the money.