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T O P I C R E V I E W
pix1
Posted - 20 December 2008 : 08:28:12 if you get a nil tax code ipa after, say, 6 months of your bankruptcy can you still be discharged early or must you wait for the whole one year? also, if you get the above nil tax code ipa can this be upgraded to a 3 year ipa or would the or have to start again if they wanted to increase it to include an income as well as a tax payment?
2 L A T E S T R E P L I E S (Newest First)
pix1
Posted - 20 December 2008 : 17:27:26 Thanks john,
They certainly do take a while to set up. My wife has been given one and the tax code has changed way before the first payment.
John
Posted - 20 December 2008 : 11:33:05 Hi
NT IPA's and IPA's are two seperate entities. You are unlikely to be given an NT IPA after 6 months, the reason being they must cease at the end of the tax year and they take 2 to 3 months to set up. So unless you were made bankrupt in April or May at the latest to get one after 6 months is very unlikely.
If, pre discharge, your I&E changed sufficiently as to warrant an IPA it is treated seperately from any existing NT IPA and will last for the full 36 months.
