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  • FIRST POST
    • Steveianson
    • By Steveianson 12th Jul 17, 9:30 AM
    • 3Posts
    • 0Thanks
    Steveianson
    Halifax "reward"
    • #1
    • 12th Jul 17, 9:30 AM
    Halifax "reward" 12th Jul 17 at 9:30 AM
    I am going to go over my interest earned tax free allowance this year. Do I take into account the £3 Halifax reward as interest?
Page 1
    • uknick
    • By uknick 12th Jul 17, 10:06 AM
    • 678 Posts
    • 303 Thanks
    uknick
    • #2
    • 12th Jul 17, 10:06 AM
    • #2
    • 12th Jul 17, 10:06 AM
    [EDIT : Ignore sentence as completely wrong ] It should be declared as interest income, but with tax already deducted at source.

    But, is not counted towards your savings allowance

    http://www.moneysavingexpert.com/news/banking/2016/07/halifax-barclays-or-co-op-bank-customer-you-may-need-to-pay-tax-on-your-rewards
    Last edited by uknick; 12-07-2017 at 10:28 AM.
    • xylophone
    • By xylophone 12th Jul 17, 10:10 AM
    • 22,881 Posts
    • 13,244 Thanks
    xylophone
    • #3
    • 12th Jul 17, 10:10 AM
    • #3
    • 12th Jul 17, 10:10 AM
    The Halifax Reward is not interest - if it were, it would be paid gross as is now the normal arrangement with interest.

    It is "other taxable income" and recorded as such on any tax return.

    http://forums.moneysavingexpert.com/showthread.php?t=5442715

    http://tax-essentials.indicator.co.uk/advisors/newsadvice/7026/news/7027/news_story/735/?cookieChecked=1&i=1
    • uknick
    • By uknick 12th Jul 17, 10:22 AM
    • 678 Posts
    • 303 Thanks
    uknick
    • #4
    • 12th Jul 17, 10:22 AM
    • #4
    • 12th Jul 17, 10:22 AM
    Thanks for pointing that out Xylophone.
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