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Are any cash rewards taxable?
RG2015
Posts: 6,220 Forumite
NatWest, Santander, Halifax, Barclays and until recently TSB, pay (paid) cash as a reward for satisfying various criteria. Furthermore, many banks pay a cash incentive for switching a current account to them.
I have always assumed that these cash payments are either not taxable or paid net of tax. Is there any definitive information that confirms this?
I have always assumed that these cash payments are either not taxable or paid net of tax. Is there any definitive information that confirms this?
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Generally, they are not taxable, but it may depend on the specific circumstances of the offer.
https://www.whatdotheyknow.com/request/are_bank_switching_bonuses_taxab
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