Option backdating statistics

25-Jul-2016 17:05 by 3 Comments

Option backdating statistics

The following people should receive auto-renewal notices for 2016/17 renewals cycle: All other claimants should be reply-required cases.Even though some auto-renewal forms will show income figures provided by an employer or occupational pension provider, it is important that claimants still check to see whether they have other income or can make any deductions from the figure provided by their employer as income for tax credits purposes is not the same as income for tax purposes.

This is because they believed their income to be over the £26,000 limit. If advisers come across claimants during 2016/17 who allowed their claim to lapse as a result of the letter and whose circumstances changed meaning they would have received payment for 2012-20-2104, they should submit a fresh claim as soon as possible and request the maximum 31 days backdating.

The letter stated that the income limit for CTC was £26,0-2013, however this only applied if the claimant was part of a couple with one child.

The limit for people with more than one child, qualification for any of the disability elements or who claim help with childcare costs was significantly higher.

We understand that HMRC allowed some claimants slightly longer than 30 days to respond depending on when their letter was sent.

The other issue with the letter that HMRC sent out in March 2012 was the income limits stated in the letter were misleading.

A complaint letter should also be sent to HMRC with a request for compensation equal to any tax credits and passported benefits that have been lost as a result of HMRC’s misleading information.

HMRC did not run this exercise for the 2013/14, 2014/15 or 2015/16 tax years.

It should be noted that in 2006/2007 and earlier years, the disregard for rises in income was only £2,500 instead of £25,000.

See our ‘understanding the disregards’ section for a fuller analysis of the consequences of this change from £2,500 to £25,000.

At the start of the 2011-2012 tax year, HMRC sent letters (TC1015) to anyone on a nil award at the time.

These letters were a ‘relevant notification’ that HMRC would no longer automatically renew their claim unless, within 30 days, the claimant makes a ‘relevant request’.

See our RTI and tax credits section for more detailed information on what should be checked.

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