Barclays blue rewards 3 November 2022 at 10:56PM in Savings & investments 3 replies 276 views

tony3619

Can someone confirm if the rewards payment for Barclays blue rewards is taxable income? Some websites suggest it is and others say after Dec 2016 the £7 rewards wasn't subject to income tax?

ZeroSum

As its done as cashback on the DD, I'd say it's not taxable 

Growingold

tony3619 said:

Can someone confirm if the rewards payment for Barclays blue rewards is taxable income? Some websites suggest it is and others say after Dec 2016 the £7 rewards wasn't subject to income tax?

From the Barclays website:

Tax treatment of Barclays Blue Rewards

Barclays cannot provide tax advice regarding the personal income of customers and any taxes are your responsibility to pay.

For 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 HM Revenue & Customs.

With the exception of interest earned on a Blue Rewards Saver account, all other current rewards earned through Blue Rewards, and any Loyalty Reward received from December 2016, are not subject to UK income tax.

Interest earned on a Blue Rewards Saver account will count towards your Personal Savings Allowance.

So from this up to and including November 2016 the Loyalty Reward was subject to income tax but from December 2016 is  not subject to income tax 

tony3619

Growingold said:

tony3619 said:

Can someone confirm if the rewards payment for Barclays blue rewards is taxable income? Some websites suggest it is and others say after Dec 2016 the £7 rewards wasn't subject to income tax?

From the Barclays website:

Tax treatment of Barclays Blue Rewards

Barclays cannot provide tax advice regarding the personal income of customers and any taxes are your responsibility to pay.

For 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 HM Revenue & Customs.

With the exception of interest earned on a Blue Rewards Saver account, all other current rewards earned through Blue Rewards, and any Loyalty Reward received from December 2016, are not subject to UK income tax.

Interest earned on a Blue Rewards Saver account will count towards your Personal Savings Allowance.

So from this up to and including November 2016 the Loyalty Reward was subject to income tax but from December 2016 is  not subject to income tax 

Thank you 👍