Halifax reward current account income tax deduction

Robisere

Curious that the much-maligned TSB took in that I was now a non-tax payer after the last tax cuts, and automatically applied that to my situation, without any input from me.

Terry_Towelling

pinkdalek wrote: »

It would be net as I am a taxpayer. But then what I would do is start a thread along the lines of I've received £1000 this month due to mundane queries about tax on a massive £2 life changing reward, however I am being taxed on the £1000 can I claim it back or should I get in touch with Jimmy Carr's accountant?:rotfl:

If you could, that would be great because I receive a £100 payment (net) for every thread where the total bonus involved is £1000 or over.

Joking apart, don't knock it - it's £6 a year on the Halifax account - for those of us living below the PA that's dry bread and gruel for a couple of months.

The world of money saving is littered with people chasing an extra 0.01% in savings interest. That could easily be less than £6 a year more than their previous savings provider gave.

Then there are those who will call up a savings provider and incur a phone call charge that effectively wipes out the interest they might get on an account.

We have to be careful to get what we can when we can, and where we draw the line on what is a worthwhile amount is definitely subjective.

I was charged £4.59 in income tax last year - and I shouldn't have been - plus 50p on a single month's Halifax bonus payment - and I expect to get it all back!

Now where are my pewter candleholder, stripy pyjamas and Ebenezer Scrooge bed-cap?

Alter_ego

IanManc wrote: »

From 6 April 2016 ALL banks and building societies stopped deducting tax from everyone's savings account interest, without any input from anyone.

Yes but this is about a reward CURRENT a/c.

Terry_Towelling

Alter_ego wrote: »

Yes but this is about a reward CURRENT a/c.

I think IanManc was referring to this post by Robisere

Curious that the much-maligned TSB took in that I was now a non-tax payer after the last tax cuts, and automatically applied that to my situation, without any input from me.

This appeared to relate to the interest payments made by TSB. TSB couldn't possibly know that you were a non-tax payer without you telling them.

Abbey1991

pinkdalek wrote: »

I wish I had £10 for every thread started on this mundane query.

Mundane if you're an accountant perhaps.

But many people are only really familiar with tax being payable on employment income or savings account interest.