Halifax £5 (£6.25) reward is tax free

agrinnall

PeacefulWaters wrote: »

Our supposedly savvy chancellor let himself down by not including this sort of payment in his budget papers and disenfranchised a significant number of current account holders as a result.

Do you know what the word disenfranchised means? Because I can't see any way in which it can be applied to this situation.

alternate

pinkdalek wrote: »

Oh get a !!!!!!! life and chill :beer:

Nope. Asking a question is good. Nothing to apologise for.

The problem is asking the same question that has been answered dozens of times. The briefest skim of past threads could have answered it.

bigadaj

agrinnall wrote: »

Do you know what the word disenfranchised means? Because I can't see any way in which it can be applied to this situation.

Discombobulated maybe?

Kim_13

It does seem odd that for some reason, the account holder cannot declare themselves as a non tax payer to the Halifax and receive the full £6.25, rather than having to reclaim the tax paid. It worked with interest for many years. Any government department seems to be a nightmare to deal with these days so I suppose the government enjoy keeping the extra money if (as I suspect) x% of non-taxpayers decide that it isn't worth the hassle to claim back.

It's understandable that it isn't covered by the PSA though, as it's not interest.

Westie983

Just fill out a R40, under other taxable income, and HMRC will send you a cheque for £15, (as they do me) or put it directly into your account.

The £1.25 is sent to HRMC, as they have to give it back to you, if you want to spend the few mins it takes to fill out and post the form, or just accept the £60 you get currently.

PeacefulWaters

agrinnall wrote: »

Do you know what the word disenfranchised means? Because I can't see any way in which it can be applied to this situation.

The chancellor created the right for savings income to be paid tax free upto £1,000 a year.

But he failed to include holders of Halifax current accounts within that right on a technicality.

Those account holders have been disenfranchised.

Westie983

PeacefulWaters wrote: »

The chancellor created the right for savings income to be paid tax free upto £1,000 a year.

But he failed to include holders of Halifax current accounts within that right on a technicality.

Those account holders have been disenfranchised.

Think you find, its savings interest that is is upto £1000.00 a year not savings income.

The reward is not interest so therefore it not applicable in this situation.

All banks that give you interest is paid gross, which fits in with your post above.

PeacefulWaters

Westie983 wrote: »

Think you find, its savings interest that is is upto £1000.00 a year not savings income.

Yes, I'm highlighting this differentiation. It is what it is. But is an oddity tax wise as a result. Earn a fiver at one bank, pay no tax, earn it at another, pay tax.

The reward is not interest so therefore it not applicable in this situation.

Which goes back to the thrust of the whole thread.

veryintrigued

pinkdalek wrote: »

Oh get a !!!!!!! life

pinkdalek wrote: »

and chill

http://lmgtfy.com/?q=hypocrisy

pinkdalek

I really wished that all I had to worry about in life was wondering if I had to claim back £1.25 or the bank should do it for me........