What counts for tax?

safe_hands2

In addition to interest payments, do these also count towards the £1000 personal income threshold?

* The Nationwide £100 fairer share payment

* Monthly £5 from Halifax reward a/c

* Bank switching reward payments

* Any cashback - from credit card, cashback sites, YouGov payments, etc 

wmb194

safe_hands2 said:

In addition to interest payments, do these also count towards the £1000 personal income threshold?

* The Nationwide £100 fairer share payment

* Monthly £5 from Halifax reward a/c

* Bank switching reward payments

* Any cashback - from credit card, cashback sites, YouGov payments, etc 

Nationwide "fairer share," yes, apparently. See link below.

Halifax: Depends. £5 for spending £500+pm on your debit card(s), no. £5 for keeping a balance of £5,000 (or whatever it is), yes.

The rest, no.

https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/about/fairer-share/nationwide-fairer-share-payment-terms-and-conditions.pdf?rev=5d2be221f9ce4b0c854adb2d5914b216

Dazed_and_C0nfused

safe_hands2 said:

In addition to interest payments, do these also count towards the £1000 personal income threshold?

* The Nationwide £100 fairer share payment

* Monthly £5 from Halifax reward a/c

* Bank switching reward payments

* Any cashback - from credit card, cashback sites, YouGov payments, etc 

The £5 Halifax Rewards is taxable income but it isn't interest, it's treated as an "annual payment" for tax purposes and if no Personal Allowance was available it would be liable to be taxed at your marginal rate.

It's actually £6.25/month with basic rate tax of £1.25 deducted at source by Halifax.

Eco_Miser

Dazed_and_C0nfused said:

safe_hands2 said:

In addition to interest payments, do these also count towards the £1000 personal income threshold?

* The Nationwide £100 fairer share payment

* Monthly £5 from Halifax reward a/c

* Bank switching reward payments

* Any cashback - from credit card, cashback sites, YouGov payments, etc 

The £5 Halifax Rewards is taxable income but it isn't interest, it's treated as an "annual payment" for tax purposes and if no Personal Allowance was available it would be liable to be taxed at your marginal rate.

It's actually £6.25/month with basic rate tax of £1.25 deducted at source by Halifax.

That's the case for the reward for keeping a balance of £5,000, but the reward for spending on your debit card is a non-taxable cashback, or so many posts on here have stated.