Barclays Blue Rewards

ColdIron

Well needless to say CS failed to call back but separately I have got the following response

There is no interest or tax applicable on the Blue Rewards wallet itself, however the funds may be subject to income tax.

This is upon withdrawal and will be dependent on the individual, and the type of account so there isn't a definitive answer.

If you're unsure as to whether you need to declare this, you'd need to speak to HMRC or a financial adviser.

So I'm still unclear about it and if I get time I'll nip into a branch tomorrow now I've got the bit between my teeth

carmina_piranha

Hmmm, I prefer the Halifax system of taxing the reward at 20% instead.

banjobob59

ColdIron wrote: »

Well needless to say CS failed to call back but separately I have got the following response

There is no interest or tax applicable on the Blue Rewards wallet itself, however the funds may be subject to income tax.

This is upon withdrawal and will be dependent on the individual, and the type of account so there isn't a definitive answer.

If you're unsure as to whether you need to declare this, you'd need to speak to HMRC or a financial adviser.

So I'm still unclear about it and if I get time I'll nip into a branch tomorrow now I've got the bit between my teeth

Keep it in the wallet until the next financial year 2016/2017 when the £1000 interest free allowance starts. Transfer it out of the wallet, into your Barclays account and to a high interest current account such as Lloyds Club.. No tax to pay...

anoncol

ColdIron wrote: »

Well needless to say CS failed to call back but separately I have got the following response

There is no interest or tax applicable on the Blue Rewards wallet itself, however the funds may be subject to income tax.

This is upon withdrawal and will be dependent on the individual, and the type of account so there isn't a definitive answer.

If you're unsure as to whether you need to declare this, you'd need to speak to HMRC or a financial adviser.

So I'm still unclear about it and if I get time I'll nip into a branch tomorrow now I've got the bit between my teeth

I am so confused about the tax. How can there be no tax applicable but there is an income tax?

ceredigion

banjobob59 wrote: »

Keep it in the wallet until the next financial year 2016/2017 when the £1000 interest free allowance starts. Transfer it out of the wallet, into your Barclays account and to a high interest current account such as Lloyds Club.. No tax to pay...

That might apply to you, however for those of us who generate £1000+ in interest it doesn't help.

ColdIron

ceredigion wrote: »

That might apply to you, however for those of us who generate £1000+ in interest it doesn't help.

Or only £500 for HR tax payers

ceredigion

ColdIron wrote: »

Or only £500 for HR tax payers

In my dreams
Have a job to make the threshold for basic ,Assets rich but skint .

banjobob59

ceredigion wrote: »

That might apply to you, however for those of us who generate £1000+ in interest it doesn't help.

I can only dream of having £1000+ in interest. I am working on it though.

anoncol

ceredigion wrote: »

That might apply to you, however for those of us who generate £1000+ in interest it doesn't help.

Why even bother with this if you earnt so much in interest?

Archi_Bald

Just to throw in a few more wobblers: If it was interest, Barclays would have to, by law, withhold 20% interest until the law changes. As they don't, it is not interest. Therefore you cannot set it off against the £1,000 (or £500) tax free interest allowance (should that actually happen).

Also, even if the Barclays payments did count against that potential tax-free interest allowance, this wouldn't apply before next April.