MSE News: Barclays Blue Rewards are now tax-free – act now to get £55 extra a year

Legacy_user

Sign up to Barclays Blue Rewards scheme by 30 November and you'll get double rewards for the first month...

Read the full story:
'Barclays Blue Rewards are now tax-free – act now to get a free £55 in a year'

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FOREVER21

Thanks Barclay's, nice move to save a potential small tax bill, but why had they not thought it through at the outset.?

It also demonstrates to me how easy it must be for companies to avoid paying tax when Barclays can do it for this scheme for its customers, merely by a slight change in theT&Cs

Vortigern

FOREVER21 wrote: »

It also demonstrates to me how easy it must be for companies to avoid paying tax when Barclays can do it for this scheme for its customers, merely by a slight change in theT&Cs

Shame on Halifax and Co-op for refusing to do the same.

arbster

What's the effective date of this reclassification? Do existing customers need to pay tax on Rewards received to date, or is this simply a clarification of the scheme, meaning no tax is due on any received payments?

madgagoo

arbster wrote: »

What's the effective date of this reclassification? Do existing customers need to pay tax on Rewards received to date, or is this simply a clarification of the scheme, meaning no tax is due on any received payments?

From Barclays website:


Tax treatment of Barclays Blue Rewards

The £7 Loyalty Reward received up to and including November 2016 for being part of Barclays Blue Rewards is subject to UK income tax and may need to be declared to H M Revenue & Customs.
All other current rewards and cashback earned through Blue Rewards, and any Loyalty Reward received from December 2016, are not subject to UK income tax.

arbster

Thank you madgagoo - I should have checked there.