I have applied for marriage tax allowance to be honest I have been married 5 years and never heard of it.
I have received a letter from HMRC stating I have overpaid tax to the sum of £902 since getting married and the calculations have been sent to tax rebate limited.
I have only been in an IVA 2 years this coming February so a fair chunk of the tax overpaid was before my IVA began, I doubt this has any bearing mind you.
I have emailed the information over to my IP asking how much of the refund will have to paid into the IVA. I will probably have a reply Monday morning however what’s everyone’s thoughts here on what might happen?
It will be mentioned in detail in the Standard Terms and Conditions --- it could be covered by the windfall clause and / or by the after acquired assets clauses (section 14 in the 2016 version).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Thanks foggy found it and it isn’t literate for me lol. It reads
“excluded assets” are those assets that are excluded from an estate in bankruptcy and any other assets identified in the proposal as being
excluded from the arrangement; “after acquired assets” means any
asset, windfall or inheritance with a value of more than £500, other than excluded assets that you acquire or receive between the date the
arrangement starts and the date it ends or is completed, if this asset
could have been an asset of the arrangement had it belonged to or
been vested in you at the start of the arrangement.
Then it says further down
After-acquired assets must only be sold or realised to the extent necessary to repay the creditors 100 pence in the pound including the costs of the arrangements.
In a nutshell: an excluded asset is one listed as excluded -- in my case pensions and proceeds were excluded, as was my car --- which means the IVA has no call on them. After acquired assets over £500 in value can be called into the IVA by the IP (so will need to be paid in). As for that last bit : If, say, your debt was £50,000 and £2,500 in fees, an asset will only need to be paid in up to that amount ... so, say you won £100,000 on the lottery, £47,500 would still be yours.
The standard IVA documentation is poorly drafted.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
