Tax Relief on Bonds
Nemo Me Impune Lacessit
Join Date: Jun 2004
Location: Derbyshire, England.
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As long as you have a signed agreement with your company then you are a 'creditor' but probably an unsecured creditor as it is usually the banks, finance companies etc that are secured creditors. Make sure you register you claim with the administrators/liquidators, they cannot ignore you but you may only finish up getting a few pence in the pound of the monies owed to you and it could take several years and come in tiny packets. Don't just forget it but don't count on it for your immediate needs either.
Join Date: Nov 1999
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In addition to what parabellum has already suggested , and speaking generally. If you paid for a type rating to put you in a position to do the job then the revenue would not consider the cost as being allowable for relief. The contractual difficulty you may also face is that you paid for a type rating and they supplied it in fullfilment of that part of the contract. Having obtained that type rating was there any contractual guarantee that they would then reimburse you other than for the period that either side elected to maintain a contract of employment? It is quite unlikely, since they would have almost certainly left themselves scope to terminate the contract within statutory terms and without additional penalty?
Join Date: Jan 2008
Location: another place
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What about this scenario.
My company you pay £2000 up front then a salary deduction of £167 a month for 5 years. Should this be a regulated arrangement by the FSA or the OFT which regulate financial transations!
Even though it is interest free it is effectively an interest free loan, which is subject to the regulatory bodies and you have to be regestered to provide these services.
Any thoughts out there?
D and F
My company you pay £2000 up front then a salary deduction of £167 a month for 5 years. Should this be a regulated arrangement by the FSA or the OFT which regulate financial transations!
Even though it is interest free it is effectively an interest free loan, which is subject to the regulatory bodies and you have to be regestered to provide these services.
Any thoughts out there?
D and F
Join Date: Jan 2001
Location: UK
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If you pay for an aircraft rating before you join a company, forget any chance of tax relief.
The tax office I called also confirmed that a self employed pilot can claim the tax back on a rating.
So if you are thinking of doing a rating out of your own pocket, do it as a self employed person.
Join Date: Feb 2006
Location: Cambridge
Age: 61
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If you go on to the Inland Revenue's web site HM Revenue & Customs: Home Page and do a search on "Airline Pilots" it's quite interesting what comes up.
The link below is particularly relevant to the original post.
Airline pilots: payment of training costs: Milsom & Hinsley v HMRC (SpC569)
The link below is particularly relevant to the original post.
Airline pilots: payment of training costs: Milsom & Hinsley v HMRC (SpC569)
Join Date: Mar 2003
Location: Sandpit
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I have, after employment was started, embarked on a type training like the bmi scenario. I have not benefited from salary sacrifice and have paid now 15k for rating. Would this be a good scenario for a tax claim??