- Thu Mar 03, 2005 5:27 pm
Hi all. Hopefull a quick simple question. What is the purpose of the NIL tax code when you become bankrupt. I believe this runs for the tax year current to your BO. If this is correct is it beneficial in any way to go bankrupt before April, or doesn't it make any difference. My situation is personal debts of 30 k , a house i can't afford to keep (mortgaged) so letting that go too, i have no income tax outstanding. Work full time, not on huge salary. Think I'm border line IPA/IPO. My wages vary quite a bit, i.e. this week 240quid, last week 340quid. How is this handled when OR considers IPA/IPO?
I'm planning on moving out of the mortgaged house. I plan on arranging this accomodation prior to the bankruptcy, but probably moving after it. Is this OK?
OK, one question turned into several. Apologies! I look forward to any advice anyone has.