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Lloyds TSB Save The Change

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dawny10 Posts: 244 Forumite

19 June 2008 at 11:50AM

Hi all
Just resurrecting this thread as I have been chasing Lloyds for a year now for a tax deduction certificate relating to the net payment of their matching incentive i.e. I received two lots of £40 'net'.

The T&Cs said:
4.Tax will be payable on your matched payment on the same basis as the interest on your nominated savings account. For example, if you currently receive interest net (after the deduction of income tax) on your nominated savings account and the amount to be matched is £10 you will receive £8 in matched funds.

They have finally come back to me and said:
'The match scheme was an incentive run by the bank. As such the bank has to account to the Inland Revenue for any tax element. Therefore, you do not have any tax laibility and no tax certificate can be issued'.

To those who are more knowledgable about tax - does this make any sense at all? It seems to imply that they pay some tax (which one?!) as a lump to the IR and therefore remove some of my money to cover this, but as it is not going directly to the IR from me I am not paying tax?

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