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Lloyds TSB tax certificate error
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Dagobert
Old 29-09-2008, 10:40 PM
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Join Date: Nov 2003
Location: soon to be independent Scotland
Posts: 1,616
Exclamation Lloyds TSB tax certificate error

This affects people who received TSB's Save the Change incentive in 2006/07 and 2007/08.

TSB paid participants two incentives up to a maximum of 50 in the March and April 2007 respectively. They paid the incentive net of tax.

The tax certificate for 2006/07 reflects the March incentive. The tax certificate for 2007/08 doesn't.
  1. Why did they deduct tax at source in the first place? I have never seen an incentive payment treated as if it was interest.
  2. If interest was deducted at source, the 2007/08 certificate needs to be amended. Otherwise, people who pay less than 20% tax in that year can't claim it back.

It's a pretty sad state of affairs if yiou can't even rely on interest calculations being correct (see Lloyds Classic Plus 6% - is your interest correct this month?).
Saor Alba,
Dagobert
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