Hi,
New to the forum and hoping someone can help with two questions I have regards the trust deed I'm currently in.
First - I'm due a reasonable tax rebate which I stupidly didn't realise wopuld be directed straight to the IP. This rebate is largely due to the amount of miles I drive for work which my employer doesnt fully reimburse. I've asked my trust deed provider whether this HAS to go to them, since its incurred as a result of my emploment duties rather than a windfall for example, but all they've said is to wait until they receive it, then make a case to get some or all of it returned to me. Whats the chances of me seeing any of it?
Second - my home is owned entirely in my wifes name and she isn't in a trust deed. If we were to sell, would my trust deed affect the sale? I'm assuming that when the solicitor does their searches on my wife, it'll flag up that I'm in the trust deed, so would this mean they have to inform the IP and sale proceeds would go to them?
Thanks in advance!
Welcome to the forum dwightvanman.
In terms of the tax rebate, without knowing any of the detail it's really hard to comment. The money you pay into your trust deed is based upon affordability - so there's questions about whether any of the money spent on this transport leading to a tax rebate has already (fully or partially) been accounted for when working out how much you pay each month.
I think this really will need to be you making a case to your trustee. If you can demonstrate that you're out of pocket on travel then your trustee might have an open mind. If it appears that your trustee has already made sufficient allowance to cover your transport expenditure they're more likely to retain this payment for your creditors.
If the house is solely owned by your wife the solicitor should have no interest in running checks on you. Also - if you wife is the sole owner of the house your trustee should have no interest in any equity that will be released by a sale.
Hi, thanks for the quick reply! I was more concerned about the house sale to be honest - I had a horrible thought that the conveyancing process would link me to her and mean that the IP had to be informed, so thats a relief
Regards the tax rebate, when i did my original I&E, they excluded my expenditure for work mileage (averages arounf 3500 miles a month) because I get travel expenses, but what I didn't take account of was that the milage rate I get doesn't actually cover the fuel cost, and for the last four years, this has been topped up by getting a rebate when I do my tax return. So my thought is that if it was ok to exclude my work fuel expenses, it should mean that I can get some of the tax rebate back? I'll make this case to the IP, my big concern is that they won't give me an answer until they've received the rebate!
Thanks for the extra information.
If your work travel is leaving you out of pocket (in comparison to the details used to work out your trust deed payment) I think you can make a pretty compelling argument to your trustee that any element of a tax rebate covering this should come back to you.
You may be right that your trustee will feel unable to commit on this until they're sure just how much is being rebated to you.
You may be required to show evidence to back up your argument, dwightvanman, such as receipts/expense claims etc so probably best to pull whatever you can together in readiness.
Thanks - I've got the full years expense details that I can send them, basically everything I needed to do my tax return. I was just concerned that they wouldn't even consider my request,so its encouraging to know theres a possibility!