Nationwide Fairer Share Payment 2024

thegreenone

dibby5 said:

WillPS said:

dibby5 said:

I seem to have received 2!
I can't see any reason why this would be the case, is it simply an administrative error and I should expect to see one of the payments backed out, should I contact someone or is there something I missed which might make me eligible for a second payment?

Was it a joint account? If so, were both members eligible?

(My wife and I both received a payment this morning.)

That will be it.  Thank you.
I thought it was one payment per eligible account(s), I didn't realise it was per person.

Me too!  A nice surprise this morning.

WillPS

PloughmansLunch said:

I have a FlexPlus joint account with £100 added this morning as my partner wasn't eligible. Should I therefore treat it as a £100 payment from Nationwide to me, or £50/£50 as it's a joint account?

They're clear it's a payment for you, and it should be your Personal Savings Allowance it should have used up, not your partners.

What you do with the money is entirely up to you, of course.

General_Grant

PloughmansLunch said:

I have a FlexPlus joint account with £100 added this morning as my partner wasn't eligible. Should I therefore treat it as a £100 payment from Nationwide to me, or £50/£50 as it's a joint account?

At the point it was paid into the account it was 100% yours and should be counted as that in relation to income tax.

jameseonline

Got my £100 in my FlexDirect account today 😊

jadex

WillPS said:

PloughmansLunch said:

I have a FlexPlus joint account with £100 added this morning as my partner wasn't eligible. Should I therefore treat it as a £100 payment from Nationwide to me, or £50/£50 as it's a joint account?

They're clear it's a payment for you, and it should be your Personal Savings Allowance it should have used up, not your partners.

What you do with the money is entirely up to you, of course.

they might be clear now about their intentions (whose money it is) but will they report it that way to HMRC?
by default it is 50/50 even if underlying entitlement is unequal

WillPS

jadex said:

WillPS said:

PloughmansLunch said:

I have a FlexPlus joint account with £100 added this morning as my partner wasn't eligible. Should I therefore treat it as a £100 payment from Nationwide to me, or £50/£50 as it's a joint account?

They're clear it's a payment for you, and it should be your Personal Savings Allowance it should have used up, not your partners.

What you do with the money is entirely up to you, of course.

they might be clear now about their intentions (whose money it is) but will they report it that way to HMRC?
by default it is 50/50 even if underlying entitlement is unequal

The underlying entitlement isn't equal tho. It is calculated per member; each can be eligible for different reasons even if the joint current account was a factor in both.

emgus53

PloughmansLunch said:

I have a FlexPlus joint account with £100 added this morning as my partner wasn't eligible. Should I therefore treat it as a £100 payment from Nationwide to me, or £50/£50 as it's a joint account?

I had a similar query last year, albeit my partner and I were both eligible. Due to having a sole current account my £100 was deposited into that, whereas my partners £100 was deposited into our joint account due to that being her only current account - see my thread https://forums.moneysavingexpert.com/discussion/comment/80835036. 

Based on Nationwide interest statements from last year it appears it will be reported to HMRC as simply £100.xx of interest on the joint account, so £50 of my partners FSP will be counted towards my PSA in addition to my £100 FSP paid into my sole current account. As far as I’m aware there’s no facility for Nationwide/any other bank or building society to tell HMRC to apply anything other than an equal split on interest earned by the joint account holders.

badger09

I’ve just posted something similar on the ‘other’ Fairer Share thread as I hadn’t seen this. 

I agree it will be reported as a credit to the joint account and if anyone is adversely affected by this treatment, they’ll need to take it up with HMRC

WillPS

emgus53 said:

PloughmansLunch said:

I have a FlexPlus joint account with £100 added this morning as my partner wasn't eligible. Should I therefore treat it as a £100 payment from Nationwide to me, or £50/£50 as it's a joint account?

I had a similar query last year, albeit my partner and I were both eligible. Due to having a sole current account my £100 was deposited into that, whereas my partners £100 was deposited into our joint account due to that being her only current account - see my thread https://forums.moneysavingexpert.com/discussion/comment/80835036. 

Based on Nationwide interest statements from last year it appears it will be reported to HMRC as simply £100.xx of interest on the joint account, so £50 of my partners FSP will be counted towards my PSA in addition to my £100 FSP paid into my sole current account. As far as I’m aware there’s no facility for Nationwide/any other bank or building society to tell HMRC to apply anything other than an equal split on interest earned by the joint account holders.

Oh, well that's very good news as my PSA is full but my wife's isn't, but her payment went in to her sole account while mine went in our joint. If true I've just got £50 of my PSA back.

Thank you for the correction.

Profiterole

Anyone else still waiting for this £100 Fairer Share payment? Was advised I was entitled to it and checking conditions I am, but yet to receive it...... Probably just being impatient as usual I expect lol