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Halifax Rewards Tax

ForumUser7
Posts: 2,401 Forumite

Hi,
I get £5 per month for the £500 spend on this account.
I think I read previously that tax was already deducted from this?
If so, as someone who doesn't need to currently pay tax is it easy to reclaim and how please?
Thank you
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N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
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Comments
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My mother reclaims the tax on hers every year. She phoned the Halifax and they sent her a form to complete and then they pay her the £5 plus the tax.0
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ForumUser7 said:
Hi,
I get £5 per month for the £500 spend on this account.
I think I read previously that tax was already deducted from this?
If so, as someone who doesn't need to currently pay tax is it easy to reclaim and how please?
Thank you
1 -
If you take the '£5 for keeping £5000 in the account' option, you are in fact paid £6.25 gross and £5 net (as it is income). [This is a silly thing to do though, even if you are eligble for the full whack, as you are better off saving the money in a proper savings account.]
If you take the sensible '£5 for spending £500' option, you are paid £5 tax free (as it is cashback).
Page 2 and 3 on this document: https://www.halifax.co.uk/assets/pdf/bankaccounts/pdf/banking-offers-guide.pdf4 -
As for how easy is it to reclaim the tax if you pick the ``silly" Halifax reward option, it's just a case of filling in an online form with HMRC and they send you a cheque for the total tax paid after however many weeks (or at least it is with the Co-op reward which I assume requires the same form).2
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Bridlington1 said:As for how easy is it to reclaim the tax if you pick the ``silly" Halifax reward option, it's just a case of filling in an online form with HMRC and they send you a cheque for the total tax paid after however many weeks (or at least it is with the Co-op reward which I assume requires the same form).
It's an R40 (but only for those people who don't compete a Self Assessment return).1 -
I had thought that Halifax Rewards were all taxable so pleased to find out that the debit card option ones aren't. I know that Barclays Blue Rewards aren't but can't find out about RBS/NatWest. Their bot, Cora, is useless. Can anyone help?1
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Over62 said:I had thought that Halifax Rewards were all taxable so pleased to find out that the debit card option ones aren't. I know that Barclays Blue Rewards aren't but can't find out about RBS/NatWest. Their bot, Cora, is useless. Can anyone help?
Edit: so it's cashback.1 -
wmb194 said:Over62 said:I had thought that Halifax Rewards were all taxable so pleased to find out that the debit card option ones aren't. I know that Barclays Blue Rewards aren't but can't find out about RBS/NatWest. Their bot, Cora, is useless. Can anyone help?0
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Over62 said:wmb194 said:Over62 said:I had thought that Halifax Rewards were all taxable so pleased to find out that the debit card option ones aren't. I know that Barclays Blue Rewards aren't but can't find out about RBS/NatWest. Their bot, Cora, is useless. Can anyone help?
The one exception I can think of was the Nationwide 'fairer share', which was declared to HMRC as interest (and so did count for PSA). But that also wasn't a 'Reward' anyone signed up for.1
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