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 Income Payments Agreements, Income Payments Orders
 Income Payments Agreements
 Income and Outgoings form
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Starting Member

United Kingdom
13 Posts

Posted - 21 February 2009 :  17:22:59  Show Profile  Reply with Quote
I had to provide information about income and outgoings as part of my Statement of Affairs when I put in my petition last year. Three months on, my Trustee in Bankruptcy requires me to complete this form with a view to seeing whether he should apply for an IPO or enter into an IPA with me.
I see the Insolvency Service website publishes their Technical Manual which gives a lot of information.

However I still have some questions and wonder if anyone on this Forum can comment:

- Self employed income:do you put in the gross income and then estimate the tax? The form is designed for employed income and refers to "take-home pay"

- Income Tax: I understand that I will not be liable to tax for the tax year of my BR order but from 6 April 2009 I will be liable so I should be putting aside funds to meet tax (and NIC) liabilities?

- Pension contribution: the Technical Manual states that "additional pension contributions to enhance a pension" are not allowed, but does this mean that the monthly pension payment I have been making to my only personal pension plan is allowed?

Any comments most welcome.


Reviva UK
Advanced Member

United Kingdom
2452 Posts

Posted - 21 February 2009 :  20:32:08  Show Profile  Reply with Quote

In reverse order - depending upon your personal pension it is likely that the trustee will realise this for the estate. It tends to be company pensions rather than personal ones that are safe.

you are right to put aside estimated tax payments from april 09 as you do not want to start afresh with a debt.

as a self employed person you should put your take hone earnings AFTER all your business expenses etc.

Paul Johns
Assisted Bankruptcy Specialists
Reviva UK

Real People ..... Real Debt Solutions
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Starting Member

United Kingdom
13 Posts

Posted - 22 February 2009 :  13:51:40  Show Profile  Reply with Quote
Hi Paul

Re personal pension, you worry me! Surely under the WRPA99 personal pension schemes that have been approved by the HM Revenue and Customs for tax purposes do not form part of the BR estate?

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New Member

United Kingdom
60 Posts

Posted - 14 May 2009 :  20:35:14  Show Profile  Reply with Quote
Andrewski, as you state if the pension is approved by HM Revenue and Customs then it will not form part of the estate, so don't panic.
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Starting Member

7 Posts

Posted - 19 April 2010 :  15:13:33  Show Profile  Visit kimsmith07's Homepage  Reply with Quote
**Spam - post deleted**

Edited by - Skippy on 19 April 2010 15:39:46
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