Hi Adam,

You'd need to check the details of your own trust deed (these agreements can vary) but it seems likely that little will change in the terms during the extension period.

For specific guidance about how this will work for you it will be best to contact your trustee directly.

Thank you for your quick reply

The legislation makes a distinction between assets and income contributions. Assets that you did not own at the start of the Trust Deed but were acquired by you afterwards are specifically subject to a 4-year time period only from the date the Trust Deed is signed, ie if you received an inheritance 4 years and 1 day after the Trust Deed was signed then it does not need to be passed to your Trustee for the benefit of creditors.

The income contribution period, however, can be extended if there has been a period of non-payment during the 4 years. So overtime etc is income which may need to be gathered in if your contributions have been extended.

This does give rise to a bit of a grey area though. If you receive a lump sum, say for example from a pension, then a Trustee could potentially still argue that this is income, not an asset, and that it needs to be paid in to the Trust Deed as such.

Is the shortfall of £6000 due to missed payments? If so, what was the reason that you missed those payments?

Hi Kevin
The short fall comes from me not contacting the td when I started back work although the amount 6000 wouldn't total the extra that they say I have to pay
I never missed any payments on my td only the extra that they say i owe might i add that i was never contacted either until after 3 years which is why the amount is so big ( I assume)
Thanks

I would ask for a breakdown of how they are calculating the £6000 figure if I were you, Adam. Worth checking.

Hi Kevin
Thanks for the advice I will do that