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ceredigion

"Move money in If moving money in from another account in your name for the first time, we'll set up a Direct Debit Instru , which normally takes 10 days to process."

colsten

ceredigion wrote: »

"Move money in If moving money in from another account in your name for the first time, we'll set up a Direct Debit Instru , which normally takes 10 days to process."

Where does it say the account holder's name has to be the same on the Tesco savings account and on the current account?

ceredigion

All right colsten, will concede I can not find it in the T&C. How ever the piece I quoted implies it, now we both know it is the T&C that matter which is probably why Tesco don't block these mandates. But I'll stand by my statement. " So it might not be such a bright idea."

saintalan

As I said earlier Tesco phoned me to say I couldnt take DD from my wife's a/c.

Maybe the difference is the DD Mandate Colston linked has to be signed whereas the on line set up you could put the details of anyone if you had them.

colsten

I concede that the way Tesco online banking is set up, and if you do take everything you see in their online banking literally, you should not be able to set up a DD against an account that is not in your name.

However, I can't find anything in the Tesco savings account T&Cs that says my savings account cannot be funded by DD from an account that is not in the same name as my Tesco savings account.

I don't personally have a need to fund my Tesco savings accounts from current accounts that aren't mine, but these current accounts don't necessarily have the same name as my Tesco accounts, and if needed, I would challenge Tescos about needing accounts in same names.

Having said this, it is ever so easy to set up a couple of Tesco savings accounts so I don't really understand the issue. Two Tesco savings accounts, any number of DDs to any number of current accounts, what is the problem.

ernie-money

I'm hoping that someone will know more about the new regulations regarding tax free interest for low earners, which will be extended to everyone next year - I'm just wondering about the Halifax Reward payment.


I've received a letter entitled "summary of annual interest" which shows my reward payments with tax deducted, but when speaking to the Halifax, they said that reward payments are not treated as normal interest, but are taxable as far as they are concerned, and you'd have to reclaim it from the HMRC if you don't pay tax. I'm just a bit confused - is it interest (which is what the title of the letter implies), so that it could potentially be tax free, or is it earnings, taxable as everything else, so that you can't reclaim the tax..?


It's just odd that the Barclays Blue Reward payment is paid gross, but I guess Barclays ts&cs imply that the Halifax are correct in treating it as earnings and taxing it, and that instead the Barclays reward payments should really be included in your taxable income and declared to HMRC? Just weird that they don't do it the same way...

castle96

had the 'same' letter from Halifax..

"we are unable to register....to receive interest without the tax taken off as this a/c does not earn interest. The reward value....is a reward payment and not interest.
In order to reclaim tax already deducted......send enclosed R40 to HMRC.."

So you can't receive gross interest/payment, but you can recalim the tax deducted

ernie-money

castle96 wrote: »

So you can't receive gross interest/payment, but you can recalim the tax deducted

That was the bit I wasn't sure about though - if it is interest, surely they should be able to pay it gross, and if it isn't, then you wouldn't be able to claim back the tax...? Confused!

polymaff

The same issue arises over the Barclays Blue Reward payment.

Is it interest, income or a capital gain?

As expenditure of £3 is a necessary condition, is the taxable sum £8.75, £7, £5.75 or £4 - or what?

grumbler

Is there any difference between 'income' and 'interest'?
Regardless, I don't see how it can be 'interest' or 'capital gain'.