Is Santander 123 fee tax deductible?

stg123

Hi,

Filling in my tax return and looking at my 15/16 income from my Santander 123 account.

Can I deduct the cost of the bank charges (£5/month towards the end of the tax year)? I’m not a sole trader or anything like that, just an individual trying to cut my tax!

gunge

I suspect not as the charges are not directly linked to the income. You would pay the charge even if no interest was gained and you also get other benefits from the charge such as the DD rebates.

PeacefulWaters

Dream on ...

realaledrinker

Love it .

bigadaj

If you don't try you don't get. Unfortunately in this instance, you don't get.

bristolleedsfan

O/P- Re- Santander 60.00 a year fee on its 123 account.

Assuming you have an account to switch from, no DDs need to be in the account, clear cookies before visiting a cashback site -

http://www.imutual.co.uk/santander-everyday-account x 1 per year gets back half the 123 annual fee - x 2 per year gets back all of 123 account fee plus 2.00 profit

I am not aware of any other cashback sites that currently offer cashback for Santander Current Accounts.