Halifax rewards from April 1st

nearlyretired2004 · 12 February 2016 at 2:27PM

Apologies if I've missed a thread on this but .... when interest starts being paid 'gross' from 1st April when the new allowance comes in, will Halifax 'rewards' also be paid gross ?, as I dont believe they are strictly classed as 'interest' but they are still taxed and the tax is currently reclaimable? (although i never have .....)

Thanks as always .....

Edit: just found an old article on the interweb that said at that time,t Hali had no plans to change the reward..... anyone seen any different?

masonic · 12 February 2016 at 2:33PM

It's an annual payment, not interest, so it does not fall within the scope of the personal savings allowance. If you are a non-taxpayer, you will still be able to claim back the basic rate tax that should continue to be deducted.