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
Working tax credits-Share incentive plan
xlt506
Posts: 15 Forumite
I have recently recieved our working tax credit up date pack. Due to the fact we cashed in our trust fund for the SIP,(after 3 years but before 5), my P60 gives earnings higher than i normally earn thus we are having to pay back money. However, we are recieving conflicting stories, should the money we recieved from the SIPs be classed as earnings?
We had two conversations with the tax credit hot line one said only the interest earnt on them is classed as earnings, then the 2nd time we rang the operative said what ever is put on the P60 is earnings and that is the figure they use!
We then contacted the company pay role who directed me to the company expert who was also was unsure.
I then contacted the tax office whose contact was on my pay slip, very unhelpfull ! they informed me to speak to the tax credit hotline.
I then did a bit of research myself on the Tax office website and discovered the document IR177. This document is good but does not tell me conclusively if the money is classed as earnings.
If anyone can put me in the right direction it would be appreciated.
Yours Jim
We had two conversations with the tax credit hot line one said only the interest earnt on them is classed as earnings, then the 2nd time we rang the operative said what ever is put on the P60 is earnings and that is the figure they use!
We then contacted the company pay role who directed me to the company expert who was also was unsure.
I then contacted the tax office whose contact was on my pay slip, very unhelpfull ! they informed me to speak to the tax credit hotline.
I then did a bit of research myself on the Tax office website and discovered the document IR177. This document is good but does not tell me conclusively if the money is classed as earnings.
If anyone can put me in the right direction it would be appreciated.
Yours Jim
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K 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