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T O P I C R E V I E W
bcm
Posted - 11 September 2008 : 13:39:54 Is it true that if you are bankrupt or in an IVA you need not pay tax for the period from then to the end of that tax year?
1 L A T E S T R E P L I E S (Newest First)
Suzanne
Posted - 11 September 2008 : 13:53:37 If you are bankrupt you would be put on a NIL tax code. In effect you do not pay tax from your wages, but you do have to pay the equivalent of this amount to the Official Receiver, you do not get to keep it.
In an IVA it only applies to self employed people. The tax you would have paid has to be paid into the IVA instead of the IR.
