Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • FatherAbraham
    • By FatherAbraham 17th Jul 17, 11:19 PM
    • 737Posts
    • 561Thanks
    FatherAbraham
    Bank incentives are taxable income?
    • #1
    • 17th Jul 17, 11:19 PM
    Bank incentives are taxable income? 17th Jul 17 at 11:19 PM
    When one receives an incentive from a bank for opening a new bank account, such as £100, I presume this counts as taxable personal income?

    Warmest regards,
    FA
Page 1
    • xylophone
    • By xylophone 18th Jul 17, 1:13 AM
    • 23,470 Posts
    • 13,648 Thanks
    xylophone
    • #2
    • 18th Jul 17, 1:13 AM
    • #2
    • 18th Jul 17, 1:13 AM
    No - a switching incentive counts as a discount and is not taxable.

    http://www.moneysavingexpert.com/news/banking/2015/02/theres-never-been-a-better-time-to-switch-bank-the-10-need-to-knows

    Tax. The free cash for switching is tax-free, but interest is taxed like income tax, eg, at basic rate you lose 20% of it (higher rate 40%). So £100 free cash is £100, but £100 interest is £80 (£60 at higher rate).
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,423Posts Today

7,225Users online

Martin's Twitter
  • Interesting, most people say they would champion a policy from a party they usually oppose. Yet is anyone brave eno? https://t.co/MWYGHunAqu

  • RT @MSE_Deals: The MSE deals team are in the office nice and early to bring you full analysis of all the #BlackFriday deals throughout the?

  • RT @MSE_Deals: #BlackFriday UPDATE... We've spotted some of Currys' prices are cheaper online than in its stores, eg, Sonos Play 1 £149 onl?

  • Follow Martin