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

Options
Legacy_user
Legacy_user Posts: 0 Newbie
edited 7 November 2016 at 3:59PM in Budgeting & bank accounts
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'
OfficialStamp.gif
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.

Comments

  • FOREVER21
    FOREVER21 Posts: 1,729 Forumite
    Energy Saving Champion I've been Money Tipped!
    Options
    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
    Vortigern Posts: 3,249 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    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
    arbster Posts: 172 Forumite
    First Anniversary First Post Combo Breaker
    Options
    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
    madgagoo Posts: 354 Forumite
    Options
    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
    arbster Posts: 172 Forumite
    First Anniversary First Post Combo Breaker
    Options
    Thank you madgagoo - I should have checked there.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards