Halifax Reward and the new Tax free Savings

ceredigion

zagfles wrote: »

OK, so it's an assumption that they won't change...

Well they got 6 days left in order to get them effective in time.

Steve_xx

zagfles wrote: »

OK, so it's an assumption that they won't change...

Phone them up and ask them directly, if you're affected by this. Then phone them again a little later and you may well get different answers!

masonic

ceredigion wrote: »

Well they got 6 days left in order to get them effective in time.

Unless the modified T&Cs were already published on the website, I doubt they would have time to do the necessary mailshot and give sufficient notice to all customers. I don't think there can be any doubt of Halifax's intentions regarding this payment for the next tax year.

Biggles

masonic wrote: »

Did the £750 minimum pay in get applied to the terms of the credit card, or just the current account for the £5 paid into the latter?

Well, what I can say for sure is that I changed my monthly payment from £1,000 to £750 in May 2013 and have always continued to get both the current account and the Clarity CC rewards each month.

noh

Biggles wrote: »

Well, what I can say for sure is that I changed my monthly payment from £1,000 to £750 in May 2013 and have always continued to get both the current account and the Clarity CC rewards each month.

Although the CC terms still say £1000 per month I suspect they pay the CC reward if the current account reward is earned in the month.

badger09

noh wrote: »

Although the CC terms still say £1000 per month I suspect they pay the CC reward if the current account reward is earned in the month.

I'm perfectly happy to continue paying in £1000 per month as per the credit card T&C for the £5 reward. After all, the £1000 doesn't stay there any longer than the £750 used to

King_Of_Fools

noh wrote: »

Although the CC terms still say £1000 per month I suspect they pay the CC reward if the current account reward is earned in the month.

You would get the £5 clarity reward as long as you spend £300 in the month whether or not you pay £1000 into any current account or even if you close the current account. The requirement was only valid when you open the clarity card:
11.2 - To be eligible for the reward set out in condition 11.1, you must, at the time you enter into this agreement:-
(a) hold a Halifax current account and pay in £1,000 or more each month;

King_Of_Fools

I guess things could change between now and around November 2017 when I will be filling in my self assessment form but I assume that we would have to list the £60 reward as other income instead of including it with savings income.

zagfles

King_Of_Fools wrote: »

I guess things could change between now and around November 2017 when I will be filling in my self assessment form but I assume that we would have to list the £60 reward as other income instead of including it with savings income.

Well according the experts here it isn't and has never been "interest" so you should never have included it with other interest. Even if Halifax include it in their "summary of interest" statement!

The end result used to be the same as long as you earn over about £16k, so I doubt you'd get prosecuted However now the end result will be different for most people.

The whole thing's a complete mess, Halifax should be telling people exactly where to declare it on tax returns & R40 claims because I'd wager most people get it wrong.

King_Of_Fools

zagfles wrote: »

The whole thing's a complete mess, Halifax should be telling people exactly where to declare it on tax returns & R40 claims because I'd wager most people get it wrong.

I wonder if Halifax are considering changing the model to an interest based one because as your say it used to make no difference to us or them but now there could be a tax saving for us and an admin saving for them.