Santander 123 Account - Cash Back and Tax

tigerspill

Hi,

I am starting to complete my 14/15 Self Assessment TAx Return.

Looking at my Santander 123 accounts, the net interest payments and associated tax payments are clear.

I also get cash back payments for direct debit payments. How are these handled as far as tax is concerned? There is no mention of any tax payments. Are these payments subject to income tax?

Thanks

YorkshireBoy

One of many hits from a google search for "is Santander cashback taxable"...

https://forums.moneysavingexpert.com/discussion/4824597

Here are the others...

https://www.google.co.uk/?gws_rd=ssl#q=is+santander+cashback+taxable

J_B

I *think* they give you an annual summary for tax purposes - that's all you need isn't it??

colsten

J_B wrote: »

I *think* they give you an annual summary for tax purposes - that's all you need isn't it??

For interest payments, yes they do.

For cashback, no they don't.

Herein lies a massive clue as to what is taxable and what is not.

brendon

Cashback is just a discount on a purchase, and thus is not taxable.

tigerspill

Thanks folks. That seem pretty clear.

SevenOfNine

YorkshireBoy wrote: »

One of many hits from a google search for "is Santander cashback taxable"...

https://forums.moneysavingexpert.com/discussion/4824597

Here are the others...

https://www.google.co.uk/?gws_rd=ssl#q=is+santander+cashback+taxable

YB, your attempts to encourage us all to have a simple look to find answers ourselves, instead of asking first, doesn't seem to work all that well but never fails to make me smile:rotfl: Keep it up though, it worked on me a while back so there's always hope! :wall::wall::wall:

colsten

SevenOfNine wrote: »

YB, your attempts to encourage us all to have a simple look to find answers ourselves, instead of asking first, doesn't seem to work

I think it does work and I very much applaud YB for encouraging people to become more self-sufficient, and for guiding them on how they can find information they need about bank accounts without having to rely on some internet forumite giving them the right (or wrong!!!) information..

YorkshireBoy

SevenOfNine wrote: »

YB, your attempts to encourage us all to have a simple look to find answers ourselves, instead of asking first, doesn't seem to work all that well but never fails to make me smile:rotfl: Keep it up though, it worked on me a while back so there's always hope! :wall::wall::wall:

I could have answered the OP's question with a simple "no". However, the next question would (should) then have been "do you have a link?" All I did was eliminate the need for any such 2nd question.

But, given it's Sunday afternoon, if I had such a question (and couldn't find the answer on the Santander or HMRC websites) I'd rather ask a few million people (via google) than the couple of dozen people on here who might know the answer.