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Halifax £5 (£6.25) reward is tax free
Comments
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SuperAllyB wrote: »It would be £60 a year unfunny!
Or £75 if you claim back your £15 :-PI’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
SuperAllyB wrote: »It would be £60 a year unfunny!
Yes but to be fair also the forum site would be dead, no one would have anything to talk about.0 -
ah well, not unless they want to talk about why the interest payment and reward payments for LBG accounts are not received on the 1st of the month...
Thats always a good thread to talk about hahahaI’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
The only bit I still have trouble with is that this is a reward payment for a sort of target I have achieved under the T&Cs; it's not interest, so tax is taken before it's paid to me. Fine.Yes because one is interest and one is a reward payment so can not be compared, tax is taken from the reward payment but not from the interest.
Yet the same bank also pays me a reward on my credit card, also for a sort of target I have achieved under the T&Cs; it's not interest, yet no tax is taken.
One is a net £5 to me and the other a gross £5 into my account; as far as I'm concerned, they are both a fiver for doing something for the same bank but the mechanism is quite different.0 -
The only bit I still have trouble with is that this is a reward payment for a sort of target I have achieved under the T&Cs; it's not interest, so tax is taken before it's paid to me. Fine.
Yet the same bank also pays me a reward on my credit card, also for a sort of target I have achieved under the T&Cs; it's not interest, yet no tax is taken.
One is a net £5 to me and the other a gross £5 into my account; as far as I'm concerned, they are both a fiver for doing something for the same bank but the mechanism is quite different.
One is a rebate on expenditure, the other is, to use the technical term, pure profit.
Income Tax - the clue is in the word Income.
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