Quidco and Topcashback - tax implications??

Huwbert

Hi, quick one as a google search is throwing up a lot of contradictory answers...

Does the cashback you get from the likes of Quidco, Topcashback and some credit cards count as taxable income if you are doing a self-assessment tax return?

PlutoinCapricorn

No. Investment loyalty bonuses in the form of cashback have started to be paid net, but so far other forms of cashback are safe.

"HMRC has denied that the tax will be extended where no element of investing has taken place.

“There is no tax payable on cash back on credit, debit and loyalty cards or any other kind of cash back payments,” told Yahoo! Finance."

https://uk.finance.yahoo.com/news/could-the-taxman-be-coming-for-your-cashback--133402087.html

Huwbert

That's what I thought, as it appears to be more like a discount than a dividend.

booksurr

google ("HMRC tax on cashback") would have given you the answer from the horse's mouth....
read example 3, same principle!
http://www.hmrc.gov.uk/manuals/saimmanual/saim8050.htm