IPA and discharge question

What_to_do_now?

Hi, I was hoping you'd be able to give us some help regarding an IPA. Bankruptcy date was the 12/4/12 and AD was 12/4/13. What we are concerned about is the IPA. The IPA in place was agreed in June 2012 and included a payment to moon beaver until 12/12 and following that a Nil Tax code until the end of the tax year. What we are unsure of is whether that is it?? We have heard nothing from the OR and the IPA agreement letter doesn't state any length or terms only that it is to run until the end of the current tax year. What I think i'm asking is will we receive another IPA, or, because of the AD will that be it?? Thanks for your help, any advice will be really appreciated

Rylynn

Does an IPA not run for three years? I may be wrong here, maybe the boards with information on them can tell you.

RL

alastairq

Hi.................from what you posted, it appears you have had a Nil TAx IPA..{NT}?

This is in place to collect monies you would have paid in tax, as the NT code will give a 'surplus.'

This will last until the end of the tax year.

[or earlier, if the NT code is changed due to a change of employer]

The other type of IPA....which collects surplus income, [identified from the SOA] and is an agreement....lasts for 3 years from date of agreement.

However, that agreement has to be in place prior to AD.

Did the OR identify a surplus of income on your SOA?

And if so, did you agree to pay an IPA, prior to AD?

If not, then a surplus-based IPA can no longer be sought by the OR, as you are Discharged.

fermi

Definitely. Sounds like you have been discharged without a surplus based IPA being in place, so that is it.

What_to_do_now?

alastairq wrote: »

Hi.................from what you posted, it appears you have had a Nil TAx IPA..{NT}?

This is in place to collect monies you would have paid in tax, as the NT code will give a 'surplus.'

This will last until the end of the tax year.

[or earlier, if the NT code is changed due to a change of employer]

The other type of IPA....which collects surplus income, [identified from the SOA] and is an agreement....lasts for 3 years from date of agreement.


However, that agreement has to be in place prior to AD.

Did the OR identify a surplus of income on your SOA?

And if so, did you agree to pay an IPA, prior to AD?

If not, then a surplus-based IPA can no longer be sought by the OR, as you are Discharged.

thanks for all your replies, they are really useful.
We did have a surplus IPA but in the agreement this was only until December 2012. After that it was a Nil Tax code until the end of the tax year - so effectively this has now expired?!? We haven't heard anything else from the OR