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lizr
New Member

6 Posts

Posted - 17 February 2021 :  22:31:57  Show Profile  Reply with Quote
Hi There

Just looking for some advice on what happens with tax rebates while in a trust deed. I contacted HMRC as I suspected my tax code was wrong and it transpired I paid too much tax. I'm waiting on them coming back to me to advise how much I will be receiving. I guess because it's income I should advise my trust deed however wonder if they would expect to claim some of this back. I don't anticipate it being more than 150 as I noticed it quite quickly.

TDA (Debt Adviser)
Trust Deed Expert



13654 Posts

Posted - 18 February 2021 :  09:38:47  Show Profile  Reply with Quote
Hi again lizr.

You should definitely tell your trustee if you receive a tax rebate.

This is money that would have been paid to you if your tax code had been correct and therefore would have increased your income and disposable income.

Are you actually expecting to receive a rebate though? Is it possible that instead you'll pay less tax over the coming months while this situation gets adjusted and corrected?

Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds    
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lizr
New Member

6 Posts

Posted - 18 February 2021 :  09:47:53  Show Profile  Reply with Quote
Thanks for the reply. I will of course tell my TD about any tax rebate.
I'll contact HMRC today and find out for definite if I'm likely to get a refund or if my tax will adjust accordingly
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