Issues and questions that come up during your bankruptcy period

Moderators: TalbotWoods, JaneClack

By Tomchris
#471437 Hello

I wonder if anyone can help?

We went bankrupt 5th August. Had SOA all agreed and no IPA as no surplus. We did get NT IPA though.

We have now received a letter from the Council saying that we do not have to pay our council tax for the rest of the financial year. I understand why this has happened as I have researched it. My query is that now we have a surplus - so will a 3 year IPA be set up or will it be the same as the NT IPA, just until the end of the financial year?

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By TalbotWoods
#471440 Hi

Unfortunately you will need to let the OR know about the excess you will now have, but hopefully because they have done their maths already they will ignore it! (Seen this happen a few times now).

If they do claim it, then it will only be until the end of the FY, when you will need to pay the Council Tax again (one hint here if they do claim it you may well have to remind the OR at the end of the year to adjust it back down, they tend to forget)