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Backdating planning

Sometimes we can award your benefit before the date you claim. We usually award this from the Monday after we get your claim or the Monday after your application form was given to you if we receive it within one month.If you are of pensionable age, we are able to consider ‘backdating’ your claim for up to three months automatically.

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Normally your application will be assessed and the amount of benefit given is calculated from the Monday after the date of your application.Although it may have been intended to put in place a new arrangement by a particular date – often a year end – that date may now have passed. Obviously the ideal position is to put in place the legal documents in advance. Well, it depends on what was transferred, and whether it can be said that the relevant transaction has already happened.Documenting a transaction which has already happened One possible scenario is that the relevant transaction has already happened, but just hasn’t been documented yet.So any attempt to rely on the reduction before registration would be ineffective.You will also need to consider two other things from a legal perspective.These two general areas mean that some legal due diligence should be carried out to identify and address areas for corrective action.

Documenting a transaction which has not yet happened In other cases, it may not be possible to say that the relevant transaction has already taken place – but you may still want to achieve a ‘backdated’ effect.

Conclusion It can be very tempting just to ‘backdate’ documents, with the intention of making life easier. With a bit of thought and investigation, is it often possible to achieve a result which gets close to the desired result and also lets you sleep at night.

Options backdating is the practice of altering the date a stock option was granted, to a usually earlier (but sometimes later) date at which the underlying stock price was lower.

For example, there may have been a transfer of trade from one group company to another on a particular date.

As from that date, customers may have been invoiced by the transferee, employees may have been paid by the transferee, and accounting entries may have been made to reflect the purchase price payable for the assets.

Housing Benefit is awarded the same way Council Tax Reduction is.