Halifax Reward account - non tax payer

anselld

hi, the terms of the reward account state that the £5 reward is net of tax, ie £6.25 gross. Question is can non-taxpayer get hands on the full 6.25?

rb10

Yes, you can, but not through Halifax.

On the Halifax website, it says

This payment is 'net' of income tax. This means we pay it after taking off income tax at the rate set by law (currently 20%). If you are a higher-rate taxpayer, you may have to pay extra income tax on the reward payment. The gross amount is £6.25. This is the amount before we take off income tax. You may reclaim tax from HM Revenue & Customs if the amount of tax we have taken off is more than you have to pay. To find out more visit https://www.hmrc.gov.uk/incometax.

So you can get it back from HMRC, I think the form you want is the R40.

7sefton

Thanks - and is this done at the end of each tax year or at a different time?

glider3560

7sefton wrote: »

Thanks - and is this done at the end of each tax year or at a different time?

End of tax year - so after 5th April 2010.