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Halifax Reward Account - interest
SomersetSaver
Posts: 98 Forumite
Hi
Apologies if this has been asked before but I have searched and not been able to find it.
I have a Halifax Reward account and am about to return to studying so am filling in R85 forms to get interest in gross.
The Halifax website says that the £5 reward is paid net with tax at 20%. Does this mean that if I send them an R85 then I should get more than £5 per month? Or am I misreading what they say?
Cheers
SS
Apologies if this has been asked before but I have searched and not been able to find it.
I have a Halifax Reward account and am about to return to studying so am filling in R85 forms to get interest in gross.
The Halifax website says that the £5 reward is paid net with tax at 20%. Does this mean that if I send them an R85 then I should get more than £5 per month? Or am I misreading what they say?
Cheers
SS
GC 2016 Jan £259.35/£250 Feb £lost track/£250 Mar £163.70/£250
Emergency Fund Savings Target £600/£2,400
Other Savings Target £664.50/£1,000
NSD Mar 6/16
Stoozed spend offset £1,225.20/£3,300
Emergency Fund Savings Target £600/£2,400
Other Savings Target £664.50/£1,000
NSD Mar 6/16
Stoozed spend offset £1,225.20/£3,300
0
Comments
-
R85 can't be accepted.
You need to complete an R40 form (a letter would probably have the same effect) and reclaim any tax deducted from HMRC.
http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/The £5 Reward payment is paid 'net' of income tax. This means we pay it after taking off income tax at the rate set by law (currently 20%). If you're a higher-rate taxpayer, you may have to pay extra income tax on the reward payment. The amount before we take off income tax is £6.25. You may reclaim tax from HM Revenue & Customs if the amount of tax we have taken off is more than you have to pay. This may change in the future. To find out more visit www.hmrc.gov.uk/incometax.0 -
Thanks, O4U, I didn't see that (or probably didn't read that far
)
Cheers
SSGC 2016 Jan £259.35/£250 Feb £lost track/£250 Mar £163.70/£250
Emergency Fund Savings Target £600/£2,400
Other Savings Target £664.50/£1,000
NSD Mar 6/16
Stoozed spend offset £1,225.20/£3,3000
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