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Quidco and Topcashback - tax implications??
Huwbert
Posts: 93 Forumite
in Cutting tax
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?
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?
0
Comments
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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.htmlWho having known the diamond will concern himself with glass?
Rudyard Kipling0 -
That's what I thought, as it appears to be more like a discount than a dividend.0
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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.htm0
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