Halifax Reward Account

Ed-1

I've read that the £5 monthly reward is a net payment. Does this mean that if you are eligible to register the account for gross interest the reward payment is £6.25 per month?

opinions4u

It's a net figure.

http://www.halifax.co.uk/bankaccounts/current-accounts/reward-current-account/

This payment is ‘net’ of income tax, which 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 gross amount is £6.25 - this is the amount before income tax is taken off.

You can't register an R85 declaration with the bank. You have to claim it back from HMRC - an R40 form or a polite letter to the tax office will achieve this.