All Forums  archive  Forum Questions  Should I wait for HMRC to make me bankrupt ? Any help or advice would be appreciated

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by merivik[/i] [br]In 2010 I was just coming to the end of an IVA, and was living abroad but very homesick. I saw an advert to raise cash by cashing in a pension that I had from when I was employed in the UK. At the time, I used the money to get back from overseas and to put down a deposit on a rented property and rental payments up front, and to get furniture etc. The actual cash I had was £22,000. I now think the Inland Revenue will want this amount plus interest, fines etc etc. I do not have anything like that amount of money and I don't think HMRC would wait long enough for me to pay in instalments. The only thing I could offer them would be another small pension that I would sign over to them (if that's even allowed). I am not sure of anything, all I do know is that at the time I was desperate and that was the only way I could raise any money. I am now back in the UK, and although I am not in the mess I was in when I started with the IVA, before this letter arrived from the tax office, I was just somewhat ticking over month by month paying everybody with no arrears etc. I live in a privately rented house, and two months ago got credit to buy a car, so if that is taken off me if I am made bankrupt there will be a lot of negative equity in that, as I had bought it planning to keep it for a very very long time. Should I now wait for HMRC to make me bankrupt or should I do it before they do? I'm now self-employed and am up to date with my 'regular' tax payments. But now this pension transfer has come to bite me on the backside. For the time being I have written to HMRC explaining that I was not in a UK tax resident at the time and await their reply. But any help and advice would be appreciated in the meantime as I suspect they will come back wanting more answers. [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.