We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Tax rebate in bankruptcy

Hi all, I'm new here so this question may have been asked countless times before. I became bankrupt in January this year and received my "NT" tax coding. My employer has told me that I am getting a substantial tax rebate in this months pay. The OR has already written to me to say any tax I dont pay from the date the NT code was awarded to the end of the current tax year has to be paid to them. Does this mean the backdated tax for the whole year has to be paid to the OR or just tax from February and March?
I have one more question - the OR has set up an IPA for 3 years. Is there an annual requirement to send bank statements, payslips etc? I didnt save any and had to order bank statements last time and copies payslips from my employer. I'm saving them now just in case I have to provide them again in the future.

Comments

  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    Yes, any tax refund from the whole tax year you go BR in is claimable by the OR. Normally as a one off IPA agreement, if required, if I remember correctly? OR will tell you how.

    No set requirement to give statements to the OR over any period, and normally they wouldn't ask unless there is something they doubt or want proof of and there is no other way.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.