Halifax Reward Tax Statements

colsten

Did anyone else notice the weird tax statements issued by Halifax? It seems the programmer got tired and coded the tax routine for just one month....I received £2 net a month up and including June 2020, and £5 net a month since.

I am not planning to raise this with Halifax. Life is too short for some things.

 

Ed-1

colsten said:

Did anyone else notice the weird tax statements issued by Halifax? It seems the programmer got tired and coded the tax routine for just one month....I received £2 net a month up and including June 2020, and £5 net a month since.

I am not planning to raise this with Halifax. Life is too short for some things.

 

You didn't receive £5 net a month under Reward Extras which started in June 2020 as the debit card spend £5 is cashback so not taxable.

colsten

Well, I did receive £5 net a month under the current Reward Extras, first payment received on 13/07/2020. It's always been called "REWARD EXTRA" on the statement. In the tax year in question, I also received £2 net under the previous scheme on 02/05/2020 and 02/06/2020; those transactions were called "REWARD (NET)"

Ed-1

colsten said:

Well, I did receive £5 net a month under the current Reward Extras, first payment received on 13/07/2020. It's always been called "REWARD EXTRA" on the statement. In the tax year in question, I also received £2 net under the previous scheme on 02/05/2020 and 02/06/2020; those transactions were called "REWARD (NET)"

Yes the old £2 rewards should be on the tax statement but any cashback such as switch bonuses or the new reward extras (debit card spend option only) shouldn't as they're not taxable so there's no question of net/gross of tax.

The reward extras (£5,000 option) should be on the tax statement as that is taxable and paid net (gross £6.25) but it won't be on yours if you went for debit card spend option.

YorkshireBoy

That's strange colsten, as my tax statement covers both May and June's payments, ie exactly double what yours shows...on all 4 of my Reward accounts.

soulsaver

'Old' rewards @£2 pm net (tax paid) would have been paid for May & June 2020, before migrating to 'Rewards Extra' or ending.
That would be £4 net ie £5 less £1 tax deducted per ac. per Yorkshire Boy above.

Colsten appears either to have been paid just one old reward for this ac in the last tax year to April 5. Or Halifax coq up in producing the statement - likely the latter as Colsten don't seem to miss much, and as:

I got a tax cert as above for just one of my Reward accounts. The others' fees & interest statements said interest wasn't applicable, although I did get the £2 pm rewards for each in May & June.

derrick

Mine has tax deducted on the "Annual Reward Summary" statement.

Tax year 6 April 2019 - 5 April 2020:-

Gross Reward (before tax) £30.00

 Tax Deducted:-                  £6.00

Net Reward paid:               £24.00