Co-op Profit Share

ThemeOne

As a Co-op member, I've received a small amount of money, paid direct to my bank, as Share of Profits.

Now I have to complete my tax return and am unsure which section this Share of Profits should be entered in. It's already been taxed at 20%.

Can anyone advise please?

antrobus

ThemeOne wrote: »

As a Co-op member, I've received a small amount of money, paid direct to my bank, as Share of Profits.

Now I have to complete my tax return and am unsure which section this Share of Profits should be entered in. It's already been taxed at 20%.

Can anyone advise please?

In most cases you do not have to pay income tax on your share of the profits payment. From 1 November 2010 to 30 June 2013. the share the of profits earned on current account and savings products was paid net of income tax (at the rate specified by law, 20%). This is shown on your statement.

See: http://www.co-operative.coop/terms/membership-terms-and-conditions/#5_3

If you have received a share of profit relating to 'current account and savings products' that has been taxed at 20%, then I'd treat that in the same way as any taxed interest received from a UK bank.

ThemeOne

That makes sense, thank you, and yes it does relate to current account and savings products