FRI Question

[Vage Rot]

Anyone out there in Pruneland know if they are still paying FRI??

Anyone actually had it within the last month or due it soon and had it confirmed?

My 38 point looms, been assimilated to PAS but now needing to plan the next few years financially- 2 kids off to Uni!!! arrgh!!

Handbrake house don't seem to have an answer so I thought you fellow pruners might be able to help!

Cheers

Vage!

[kippermate]

I'm expecting mine in the next few months, so I'd be interested to hear when you are 'in the money'. At least until the kids and/or the wife get their hands on it!

:ok:
kipper

[Vage Rot]

Hmmm,

With the overwhelming level of response it could be time for a big bank loan then!!!

[TwoTunnels]

Due to get my NCA FRI soon.

Just one question - paragraph on on declaration/application paperwork at PSF stated that I agree to pay back gross amount if return of service not completed. However talking to a colleague recently, he said that said statement had been deemed 'illegal'(?) after investigation by a Nav at Ice Station Kilo.

Has anyone got any details before I go to PSF again so they can tell me they don't know?

[Vage Rot]

I think it's legit. If you end up paying it back in the same tax year then you can claw some of the tax back from Grabbing Gordon and some of the NI. The FRI is treated as pay so just bend over and lube up if you leave!!

PS, will ask around at ISK and see if I can find out, can't be that many navs approaching 38pt!

[The Gorilla]

Two Tunnels

I think that might just be a rumour!!

Companies out here in civ street also pay "Bonuses" for time served services. The same applies that if you leave before the bonus expiry time you pay the lot back. It is then up to the individual to reclaim the tax paid from the Inland Revenue.

The reasoning behind this is that the company payroll paid you, say £5K. The fact that you only receive say £3K is a private matter twixt you and the IR. You leave, you owe £5K!!


Sorry mate!

TG

[PoorPongo]

Chaps,

Can't tell for the RAF but I am Army (does the name give it away?) and personally received every penny of the 16 yr cash only the other day. My understanding is that it is certainly still being paid until the start of the next financial year, beyond which payments will depend on the results of this years AFPRB (normally released in Feb).

Having also asked the question on the gross payment versus net reciept, I am fairly reliably informed (by one of the only blokes in the Army who actually knows how the scheme works) that while the military doesn't sort it then were one to elect to leave and be forced into repayment, it would eventually be possible to reclaim from IR after a lengthy admin process!

Hope that helps...

[Dancing Bear]

The word on the street is that the FRIs will continue for the remainer of this financial year but will then cease for the Light Blue (something to do with the reduction in numbers maybe??) but continue and possibly even increse for the AAC and the RN as both are still underborne to reasonablly high levels (especially the FAA!!) in certain areas.

As to the issue of Net vs Gross it is a very straight forward process, if you leave you apply to the IR for a reassesment of that financial year in light of the now altered circumstances (ie you have had to repay the bonus as you didn't complete the requisite return of service) they will then refund you the tax you paid on the sum. You have to pay the crown the full sum back before you leave but the IR can process and repay in under 3 weeks, so plead nicely with you bank manager!! Remember the tax office department for the Armed Forces are aware of this situation and very switched on to dealing with it, thier contact details appear on the front page of your self assesment form. The isssue of time elapsed shouldnt matter as you can always go back 7 years in tax matters and the return of service is set at a max of 5 for both FRIs QED it shouldn't be an issue!!

Hope this is of help and pray they don't change for another 3 years so I can collect the second installment!!
:ok:

[Vage Rot]

Cheers gents, esp PoorPongo!! Looks like my kids can go to uni without me having to eat beans on toast for 3 years!!!