Lloyds TSB Vantage/Halifax Reward Current Accounts

Essex123

I have a couple of what I hope are easy questions for the collective experience at MSE:

(i) what is the default schedule for receiving paper statements on the Lloyds TSB Vantage Current Account? My accounts have been open more than 2 months and I'm yet to get a statement.

(ii) with Halifax, does anyone have any experience of claiming the £5 monthly CA Reward and being a 40% tax payer? All of the literature states higher rate tax payers may have a further liability on the reward payment. What is the official line on this? Do they look to reclaim another £1.25/month in tax? I don't have one of these accounts at the moment, but am considering switching my existing Halifax CA to this product.

Thanks for your help!

premierfella

(i) I get monthly statements on my Vantage accounts, but do not know if this is the default or because of the number of transactions on the accounts;

(ii) If you are a higher rate tax payer, you will be expected to include the Reward payments on your annual tax return to pay any additional tax due (the "may" is simply a nod to the potential for the tax treatment to change in the future).

savetilibleed

(i) I get a monthly statement for my main, everyday Vantage account. For my second (savings only) account I have only had one in Sept 09 since opening it in July 09. The third account only recently opened and funded so probably be the same as second. That's fine with me - less paper.

(ii) Don't know on the higher rate tax issue. But I have a reward account just for the £5/m.

MME_2

(i) Unless you have asked for a regular statement whether it be monthly, quarterly etc you will receive one every so many transactions (think it's 25). Next time you're in a branch ask for a regular one and they'll set it up/call phonebank and they'll do it.

soulsaver

Essex123 wrote: »

I have a couple of what I hope are easy questions for the collective experience at MSE:


(ii) with Halifax, does anyone have any experience of claiming the £5 monthly CA Reward and being a 40% tax payer? All of the literature states higher rate tax payers may have a further liability on the reward payment. What is the official line on this? Do they look to reclaim another £1.25/month in tax? I don't have one of these accounts at the moment, but am considering switching my existing Halifax CA to this product.

Thanks for your help!

The £5 pm is after basic rate tax, so reward is actually £6.25 gross p.m. A 40% tax payer should declare it and pay the further £1.25 pm liability via self assessment to HMRC.
The Halifax won't chase you for it if that's what your question meant:)