Another daft question!

Get expert opinion. This is the place for new questions to be posted.
12 posts Page 1 of 1
 
 

antm

User avatar
Posts: 775
Joined: Tue Mar 09, 2010 1:51 pm
Location: United Kingdom

Post by antm » Wed Jul 14, 2010 11:00 pm
Sorry, i bet you lot wished i had never found this forum :-)

So in the post today i got confirmation of my free shares!! wahoo, thing is i can't touch them for 5 years, they are worth approx £2k but the company hold them for 5 years then sell them and then i rake in the profits.

Because these won't mature until after my iva has been completed do i declare them now?? as currently they are worth nothing and won't be until 3 years after my iva has been completed.
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Wed Jul 14, 2010 11:05 pm
Not 100% sure, but I think you will be ok.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Adam Davies

User avatar
Posts: 14596
Joined: Thu Mar 29, 2007 12:21 pm
Location:

Post by Adam Davies » Wed Jul 14, 2010 11:05 pm
Hi
You will not have to declare them as long as they can't be realised until your IVA is completed
Regards
Andam Davies
 
 

Shining

User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am
Location:

Post by Shining » Wed Jul 14, 2010 11:11 pm
Something to look forward to there Antm, hope they make you some nice money x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

antm

User avatar
Posts: 775
Joined: Tue Mar 09, 2010 1:51 pm
Location: United Kingdom

Post by antm » Wed Jul 14, 2010 11:11 pm
Thanks Andy,

They are held for 3 or 5 years, 3 years i pay tax on the returns, 5 years i don't pay tax , and im in my 4th IVA Year so all good!
 
 

plasticdaft

User avatar
Forum Expert
Posts: 9562
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Thu Jul 15, 2010 9:20 am
Great knowing its there to come!!!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

missy80

User avatar
Posts: 184
Joined: Mon Mar 01, 2010 9:22 am
Location:

Post by missy80 » Thu Jul 15, 2010 9:26 am
Nice one! Lucky thing
 
 

antm

User avatar
Posts: 775
Joined: Tue Mar 09, 2010 1:51 pm
Location: United Kingdom

Post by antm » Thu Jul 15, 2010 10:50 pm
Well its my first set of free shares, from what im told we get them every year, so going forward will get free shares all the way up to when i retire, might be worth a few quid by keeping them and not selling them off!
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Thu Jul 15, 2010 10:59 pm
So they are a windfall, as they can be taken after tax after the third year. You should always declare this type of thing to your IP, and let them make their mind up how they are to be treated. Sorry to be the bearer of bad news!
Regards, Melanie Giles, Insolvency Practitioner
 
 

size5

User avatar
Industry Expert
Posts: 3104
Joined: Fri Nov 23, 2007 7:22 pm

Post by size5 » Thu Jul 15, 2010 11:28 pm
The poster is in his 4th year and so the shares will not be of any value at all until at least one year after completion, or have I misread this?

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
 
 

MelanieGiles

User avatar
Industry Expert
Posts: 47612
Joined: Tue Jan 09, 2007 10:42 am
Location:

Post by MelanieGiles » Thu Jul 15, 2010 11:32 pm
Yep - sorry should have read the post more fully.
Regards, Melanie Giles, Insolvency Practitioner
 
 

plasticdaft

User avatar
Forum Expert
Posts: 9562
Joined: Wed May 21, 2008 12:45 pm
Location: United Kingdom

Post by plasticdaft » Fri Jul 16, 2010 11:00 am
Too many late nights Mel!
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
12 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”