Hi laroone.

HMRC recently made a ruling that has affected the VAT status of handling IVA cases. An IVA is in some ways similar to a trust deed and is available elsewhere in the UK.

There is now some uncertainty amongst trust deed firms as to whether the ruling will or will not become relevant to trust deeds as well in the future.

Having said that, the uncertainty isn't stopping most firms from closing cases as far as I'm aware.

ps,

i think the vat issue is somthing to do with the creditors getting a bit more money back from the funds held, !!! if that makes any sense, ?

Never heard of this - i too finished on 1st July and was discharged on 7th September?

the person i spoke to said they cant close off any cases at the momment
and cant give me an answer as when it will be closed off, ??

It's an issue that is on the minds of trust deed firms.

We've only spoken to one enquirer who had been given similar information to that mentioned by laroone.

I wonder if there is a single firm that has decided to put things on hold temporarily.

Hardly fair on someone who has complied fully with the TD terms though?

hi sorry when you say firm , do you mean a trust deed firm, or other, !!

I'd have to agree with that tinsoldier unless there is a very strong justification otherwise.

If only one or two trust deed firms are doing this you wonder if either the justification isn't very strong, or whether everyone else is missing something.

One professional that we spoke to expressed the view that the uncertainty didn't really make any difference in terms of getting a case closed.
Another professional told us that they'd received advice that it was a good idea to get cases closed promptly given the uncertainty.

yes im not sure why this has happened i should have been closed off by now i would have thought, not sure whether i should go back on the phone or not, dont want to rock the boat and give myself any further headaces, ??

Hi laroone.

I did mean a single trust deed firm.

If you'd like to tell us which firm you're with (or give us a clue) I'll be able to comment on whether it's the same one as we heard about previously.

hi the firm is carrington dean in glasgow and i dont like the idea off phoning them again, i thought that it would be done and dusted by now,

is there anything else i can do to speed it up, i was in a debt managment scheme for five years previos and just want closure,

Hi laroone.

That's a different firm to the one we heard about previously.

I think a lot of firms are seeking advice on the relevant issues at the moment from tax professionals. It may be that they need a couple of weeks to take advice and consider their position thereafter.

As frustrating as it may be for you, I'd suggest leaving things a couple of weeks just now. Hopefully that will be sufficient for the firm concerned to come to a view on their own position and start processing cases again in line with that view.

To be fair the HMRC decision has caused a lot of confusion on issues which are important to the firms concerned.

ok thanks for that i hope that they can close it off soon, as surely it cant just be left indefinately and my discharge doesent come through , ?